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Fly News Breaks for March 9, 2018
CAR, IDSY
Mar 9, 2018 | 08:32 EDT
Roth Capital analyst William Gibson upgraded I.D. Systems (IDSY) to Buy based on his view that it is probable the company will see its telematics system installed in the entire Avis (CAR) fleet. Avis has started the process of installing on 50,000 cars and said it intends to have 100% of its global fleet connected by year-end 2020, noted Gibson. The worldwide Avis fleet averaged 590,477 vehicles in 2017 and connecting the entire fleet would result in over $100M of hardware revenue over the next three years for I.D. Systems and $24M of annual recurring revenue once installed, estimated Gibson, who raised his price target on the stock to $10.30 from $7.60.
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