Clear Secure price target lowered to $18 from $20 at Wells Fargo

Wells Fargo lowered the firm’s price target on Clear Secure to $18 from $20 and keeps an Underweight rating on the shares. The firm notes Clear Secure exited 2023 with a solid combo of 30% bookings growth, over 30% revenue growth plus about 30% free cash flow margin. However, Q4 member retention dipped to 86%, below long-term target and expected to trend lower near-term, which Wells sees suggestive of normalization ahead.