Intellicheck downgraded to Neutral from Buy at DA Davidson

DA Davidson analyst Rudy Kessinger downgraded Intellicheck to Neutral from Buy with a price target of $2, down from $5. The company’s Q2 results missed expectations and SaaS growth flipped negative as the challenging macro environment and weakening consumer pushed scan volumes in the retail segment of the business to down 16% from down 10% in Q1, the analyst tells investors in a research note. The firm adds it is unsure if or when the company will return to meaningful levels of growth.