Barrington lowered the firm’s price target on VerifyMe (VRME) to $1.70 from $2 and keeps an Outperform rating on the shares. The company disclosed yesterday that it had been notified by a large global carrier customer that it will end subcontracting VerifyMe’s premium logistics service, the analyst tells investors in a research note. The firm believes the customer is FedEx (FDX) and estimates the relationship was likely worth more than $2M in revenue on an annualized basis.
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