UPDATE: Craig-Hallum Starts Intellicheck Inc. (IDN) at Buy Noting 1 Customer Could Account for Multiple Years of Consensus Revenue
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Craig-Hallum analyst Jeff Van Rhee initiated coverage on Intellicheck Inc. (NASDAQ: IDN) with a Buy rating and a price target of $12.00 on the belief that this, off-the-beaten path Identity Authentication play, has the best-in-class solution to authenticate identities/users which will enable both rapid growth and high margins.
The analyst stated "during COVID, the company has seen strong cross-sales of their solution for Account Lookups but has yet to see the full revenue impact given the usage-based model and lack of foot traffic in stores. This should reverse in a very compelling way as traffic returns and the economy reopens. In addition, the existing team of senior sales reps (3) has recently been doubled and should layer into bookings over the coming year. Further, field work convinces us that the product is highly differentiated and defendable and that customers love IDN and intend to “permeate” their infrastructure/ID verification use cases with IDN technologies going forward. With individual existing customers that could easily grow to several times the current revenue base of the entire company and a TAM of over $500M+ in existing core use cases, we see a lot of runway in a tightly defined and defendable space."
Shares of Intellicheck Inc. closed at $7.40 yesterday.
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