Trust Stamp price target raised to $12 from $8 at Maxim

Maxim analyst Allen Klee raised the firm’s price target on Trust Stamp (IDAI) to $12 from $8 and keeps a Buy rating on the shares. The firm is citing the “potential” of the deal after the company announced a Memorandum of Understanding with the National Identity Agency, NIA, of the Republic of Ghana to provide identity tokenization, the analyst tells investors in a research note. Ghana has a population of about 35M, and assuming a $10 per user per year fee, at scale this could potentially generate revenue of over $350M, the firm added.