Potential $3M Deal Boosts SuperCom; Bullish View On Chevron
- August 16th, 2023
- 547 views
Shares of SuperCom Ltd. (Nasdaq: SPCB) jumped over 5% in pre-market trading following the announcement of a new contract for Alcohol Monitoring technologies and services in California.
The contract, spanning an initial 3-year term, involves per-unit daily billing for alcohol monitoring services, with expected revenues reaching up to $3 million. However, actual revenue for SuperCom will be determined by real-world usage.
In pre-market, $SPCB was trading at $0.67, up $0.05 (+8.12%).
In other news, Chevron Corporation (NYSE: CVX), a major player in the energy sector, received an upgrade from Neutral to Buy by Mizuho, along with a raised price target of $209, up from $205.
With $CVX closing at $159.24 on Tuesday, the adjusted price target indicates a potential upside of $49.76 or approximately 31.24%, as per the investment banking firm's assessment.
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