Freight Technologies Shoot Up After Chardan Capital's Bullish Rating - Freight Technologies (NASDAQ:FRGT)

Chardan Capital analyst Brian Dobson initiated coverage on Freight Technologies FRGT with a Buy rating and a price target of $2.25.
The analyst said that the company's cloud-based solution simplifies the once-complex process of cross-border over-the-road (OTR) shipping.
In his view, the potential for disruption is in the early stages but offered a similar opportunity relative to ride-sharing services over a decade ago.
Entering 2022, the FR8App marketplace had amassed more than 2,400 carriers versus a total addressable number of participants estimated to be in the hundreds of thousands, Dobson noted.
With scalable technology coupled with an estimated $1 trillion North America TAM for freight, the analyst projects adding more participants to the platform will fuel a revenue CAGR of 45% to just under $95 million by 2025.
By applying 2.5x to the projected 2025 estimated revenue, Dobson arrived at a $2.25 price target or over 7x upside potential.
Price Action: FRGT shares are trading higher by 135.30% at $0.4866 on the last check Monday.