Wells Fargo lowered the firm’s price target on Clear Secure to $17 from $18 and keeps an Underweight rating on the shares. The firm notes the company delivered 35% revenue growth, 20% bookings growth and 22.5% EBITDA margin. However, Q1 member retention declined, again, to 84% with Q2 bookings guide of about 10% year-over-year growth suggestive of normalization ahead, Wells adds.
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