Clear Secure initiated with a Buy at Needham

Needham analyst Joshua Reilly initiated coverage of Clear Secure with a Buy rating and $40 price target. The firm believes the company can grow its biometric identity platform "well beyond" its current enrollment of over 14M individuals and can sustain a 25%-plus compound annual revenue growth rate for the next several years given what it sees as the company’s large, immediately addressable market and a strong recovery already underway in travel.