Hi Folks,
When a Wall Street analyst puts a $30 price target on a small-cap technology company trading at a fraction of that level, I pay attention.
Benchmark Equity Research analyst Daniel L. Kurnos carries a Buy rating and $30 price target on A2Z Cust2Mate Solutions (Nasdaq: AZ)—representing considerable potential upside from recent trading levels.
But the analyst target isn't what interests me most.
It's the commercial traction developing underneath it.
New Today: AZ Expands Its Retail Media Business
AZ announced another important development this morning.
The company signed a new in-store retail media agreement with HaStock, expanding an existing relationship that already includes thousands of Cust2Mate smart carts.
Under the new 24-month agreement, AZ receives in-store retail media and advertising rights across HaStock stores, in addition to the on-cart advertising rights it already holds.
That means AZ can now offer brands and advertisers access to additional advertising opportunities throughout HaStock's physical stores—not just on its Smart Cart screens.
That's an important development.
It expands AZ's potential media inventory and gives the company another way to monetize its growing presence inside physical retail locations.
As CEO Gadi Graus explained, the agreement represents another step toward building and commercializing AZ's retail media business alongside its connected in-store commerce platform.
And importantly, this isn't an isolated relationship with HaStock.
HaStock Is Already Coming Back for More
HaStock recently expanded its commitment to 3,050 smart carts, with the additional order valued at approximately $11M over the life of the agreement.
Now HaStock is expanding its relationship with AZ again—this time into broader in-store retail media and advertising.
That's exactly the kind of progression I'm watching.
Deploy the technology. Expand the customer relationship. Add new potential revenue streams.
And HaStock isn't the only customer increasing its commitment.
A Repeat Customer Expanded to $84M
Sapir Group recently placed a follow-on order for 4,000 additional Cust2Mate smart carts, increasing its total commitment to 7,000 carts valued at approximately $84M.
That's significant because Sapir isn't a new customer testing the technology.
It's an existing customer coming back for more.
These repeat orders could be an important validation of Cust2Mate's commercial potential.
$195M+ in Contracted Backlog
Cust2Mate turns the traditional grocery cart into a connected retail platform where shoppers can scan products, receive promotions and check out directly through the cart.
But the bigger growth story may be the business model behind it.
Each deployed cart has the potential to generate revenue through subscriptions, retail-media advertising and digital services.
By the end of Q1 2026, AZ reported:
• $195M+ in contracted backlog
• 19,000+ carts scheduled for global deployment through 2027
• 114% year-over-year Q1 revenue growth
Yochananof has also placed a $55M order for 5,000 carts, including monthly charges per cart for at least 60 months.
And today's HaStock agreement potentially adds another piece to the model:
Deploy the cart. Generate recurring revenue. Monetize the screen—and potentially the store around it.
Why Wall Street Sees $30
Benchmark raised its AZ price target from $20 to $30 in January while maintaining its Buy rating.
Of course, analyst targets are estimates—not guarantees.
Execution is what matters now.
Can AZ turn its $195M+ backlog into deployments and revenue?
Can existing customers continue expanding their commitments?
And can recurring revenue scale alongside its installed cart base?
Today's HaStock agreement gives investors another development to watch on that final point.
With repeat orders, an expanding retail-media business, 114% Q1 revenue growth, $195M+ in contracted backlog and a $30 Wall Street target, AZ has several catalysts worth keeping on the radar.
Keep AZ on your watchlist.
To your success,
Michael Reece
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