Clearfield's Optimistic Outlook Amidst Short-Term Challenges: A Buy Rating by Ryan KoontzWe hosted virtual investor meetings with CLFD CEO Cheri Beranek and CFO December 1st. Management's tone was optimistic as short-term headwinds subside in the March Q and BEAD projects appear likely to contribute to C2H26. While its core Community Broadband segment has under-performed, management is pleased with strong results from share gains in its MSO and Large Regional segments. The company's F26 revenue growth guidance of ~10% contemplates conservative impacts from customer consolidation and supply chain constraints, including fiber cabling. With Nestor now divested, mid-30s % gross margin is sustainable with upside pending a return to $50MM+/quarter. With the stock near multi-year lows and a return to DD% growth looming in mid-C26, our stance on CLFD stock is constructive.