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.

Must Read: Warren Buffett's 25 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

NETE Chart NETE data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

If you liked this article you might like

Net Element (NETE) Flagged As Strong On High Volume

Net Element (NETE) Weak On High Volume Today

3 Stocks Pushing The Internet Industry Lower

Net Element (NETE) Stock Rises on Boost from Apple Pay's Strength

4 Stocks Under $10 Triggering Breakout Trades: Mid-Con Energy and More