Needham named Clear Secure the firm’s Top Pick for 2024 and added the stock to the Conviction List. The firm, which made no change to its Buy rating or $40 price target, says investors have not properly modeled in the impact of the Family price increases enacted late in 2023, and believes the final price increase of $70 to $99 per year will be highly accretive even assuming an elevated level of churn. Also, Needham believes operating leverage and cash flow growth in 2024 will exceed expectations as the company sees benefits from its recent investment cycle.
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