Wells Fargo downgrades Clear Secure to Underweight, keeps $20 price target

As previously reported, Wells Fargo downgraded Clear Secure to Underweight from Equal Weight with a $20 price target. The firm notes shares have declined by 20% year-to-date, since recovering about 40% prior two months. While the growth profile since IPO has proven durable, Wells sees an air pocket ahead in 2024.