As previously reported, Craig-Hallum upgraded Intellicheck (IDN) to Buy from Hold with a $6 price target following the announcement of a $3M ACV win on a base of $20M in FY24 revenue. The firm sees good visibility to 20%-plus growth by year end 2026, with this relatively unknown name likely working higher as accelerating growth over the next year and very high incremental margins play out. Momentum in Title and Auto are also increasing, and a global social media customer has recently completed integration. Craig-Hallum says that while retail has been a headwind, any improvement in conditions/scan volumes could not only significantly improve year-over-year compares but the current depressed scan volumes could turn into a coiled spring in out-years.
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