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Near Intelligence Soars with $3 Price Target

by Myfxtools
July 7, 2023
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Shares of Near Intelligence are experiencing a significant surge following the initiation of coverage by Benchmark analyst Mark Zgutowicz. With a target price of $3 on its stock, Near Intelligence is attracting attention in the market.

Strong Performance

At noon on Friday, the stock was up 44% at $1.70. Although it has dropped from its peak of $18.65 in March when Near Intelligence went public through a special purpose acquisition company, the recent upward movement indicates positive momentum.

Speculative Buy Rating

Giving the company a “speculative buy” rating, Zgutowicz believes Near Intelligence is successfully meeting the demand for geolocation data at a global scale. The company possesses strong competitive advantages in capturing a significant portion of the $23 billion total addressable market.

Undervalued Shares

Zgutowicz suggests that Near Intelligence’s shares are currently undervalued, especially considering the scarcity value of its data insights in international markets. This advantage positions the company to secure a greater share of global deals in the future.

Stability and Liquidity

The analyst also predicts that the company’s revenue retention, which has seen some deterioration previously, will soon stabilize. Additionally, Zgutowicz believes that concerns about Near Intelligence’s near-to-medium term liquidity are overstated.

Near Intelligence is making strides in the field of data intelligence, with promising growth potential. As the market recognizes the value of its offerings, investors are keeping a close eye on this company.

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Tags: Benchmark analystgeolocation dataNear Intelligencestock market
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