Needham analyst Joshua Reilly maintained a Buy rating on Clear Secure, Inc. (NYSE:YOU) with a $40 price target, naming it a 'Top Pick' for 2024 and adding it to the Conviction List. Reilly believes the impact of the Family price increases and the final price increase to $99 per year will be accretive despite potential churn. He anticipates operating leverage and cash flow growth to exceed expectations due to recent investments. The imminent launch of the PreCheck offering is also expected to provide upside. Shares are considered undervalued at 12x EV/FCF based on FY24 estimates, with a projected 25%+ revenue CAGR over several years. Q4 revenue and EPS projections are $166.09 million and $0.17, respectively, with shares trading slightly higher at $20.45.