Why Net Element (NETE) Stock Is Up Today

NEW YORK (TheStreet) -- Net Element (NETE) was gaining 9.6% to $3.08 Monday after SeeThruEquity increased its price target for the company to $5.17 a share.

SeeThruEquity increased its price target for the mobile payments company after Net Element announced that it will enable Apple's (AAPL) Apple Pay into its point-of-sale hardware and software. The system lets iPhone 6 and iPhone 6 Plus pay for goods and services using the NFC radios in the smartphones.

"With an expected 60 million iPhone users expected to begin using the mobile wallet, we view this as material news for NETE shares," SeeThruEquity CEO Ajay Tandon wrote.

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NETE Chart NETE data by YCharts

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