Northland Capital Markets Starts Nxt-ID, Inc. (NXTD) at Outperform


Northland Capital Markets Starts Nxt-ID, Inc. (NXTD) at Outperform

Northland Capital Markets initiated coverage on Nxt-ID, Inc. (NASDAQ: NXTD) with an Outperform rating and a price target of $6.00. Analyst Michael Latimore forecasts a $2 billion market opportunity for its Smart Wocket.

“NXTD’s main product, the Wocket, is a smart wallet and prevents loss of identity or fraud if the wallet is lost or stolen. Taking into account the 13 million people with lost identities each year, we forecast a $2 billion market opportunity for the Wocket,” said Latimore. “Wocket users simply swipe their credit cards one time into the Wocket and the Wocket stores all information, eliminating need to carry cards. Via voice recognition, the Wocket is activated and a desired card accessed. The user can then use the Wocket just as they would a standard card. Card information is stored in a secure encrypted chip.”

“Consumers are also increasingly interested in using smart, mobile devices in lieu of traditional consumer items. One recent forecast has mobile in-store payment growth increasing 154% over the next four years. This includes use of smartphone-based payments. Several studies show, however, that as many as 60% of consumers don’t trust putting their financial information into phones (partly because they can be hacked just like a computer). We see the Wocket filling that huge segment,” he added. “The Wocket is just now going into production, and we expect a minimum of 2,500 to be available in 4Q. Once through the first production cycle, sales can accelerate, which we expect in 1Q15 and beyond.”

For an analyst ratings summary and ratings history on Nxt-ID, Inc. click here. For more ratings news on Nxt-ID, Inc. click here.

Shares of Nxt-ID, Inc. closed at $2.39 yesterday.

For more information: StreetInsider.com/Analyst+Comments/UPDATE

Disclaimer/ Disclosure: The Investors News Magazine is a third party publisher of news and research as well as creates original content as a news source. Original content created by Investors News Magazine is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site may be compensated by featured companies for news submissions and content marketing. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s