JPMorgan Upgrades Clear Secure Inc (YOU) to Overweight

JPMorgan analyst Cory Carpenter upgraded Clear Secure Inc (NYSE: YOU) from Neutral to Overweight with a price target of $42.00 (from $35.00).

The analyst comments: "Clear has the highest short interest among our coverage, and we have never previously recommended an Overweight rating. This is clearly a non-consensus call, but we think YOU estimates have more upside than any company under our coverage in 2026 and Clear has one of the biggest catalysts with its five-year Amex partnership expiring at June-end. Our base case is for the Amex partnership to renew at a more favorable rate for Clear, which if correct could be a meaningful contributor to bookings in 2H as the wholesale price starts to reset higher for ~25% of the member base. We also expect tailwinds to the business from the World Cup and eGates rollout, the latter of which we believe is an underappreciated member experience upgrade that also improves Ambassador productivity (= margin lift). Clear1 is not core to our bull case, but the recently announced partnership with the Centers for Medicare & Medicaid Services highlights the upside optionality from Clear potentially partnering more with an administration focused on improving the airport experience. We raised our estimates and are now Street high across bookings, EBITDA, and FCF in 2026, with our numbers ranging from ~5-15% above consensus."

For an analyst ratings summary and ratings history on Clear Secure Inc click here. For more ratings news on Clear Secure Inc click here.

Shares of Clear Secure Inc closed at $36.26 yesterday.

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