Intellicheck downgraded to Market Perform from Outperform at Northland

Northland downgraded Intellicheck to Market Perform from Outperform with an unchanged price target of $4. The firm believes Intellicheck’s Q4 press release language of “We believe that we are on the cusp of a number of sizeable revenue generators that will really move the needle in the back half of the year,” while helpful, still comes with some uncertainty around timing and ramp up with large financial institutions. Additionally, while the press release did not call out any weakness in retail transactions, IDN management on the earnings call noted that Q4 transactions “at our largest retailers were off 15%,” the analyst tells investors.