Needham & Company Starts Mitek Systems (MITK) at Buy; Strong Secular Growth Story

Needham & Company initiates coverage on Mitek Systems (NASDAQ: MITK) with a Buy. PT $18.00.

Analyst, Mayank Tandon, said, "We see the proliferation of smartphones driving increased demand for mobile financial services, especially among younger consumers, and banks accelerating the rollout of mobile banking services both as a customer acquisition and a retention strategy. Through its proprietary and patented technology, Mitek has established first-mover advantage in the emerging mobile check deposit market. Including opportunities in adjacent markets such as mobile bill pay and other mobile financial and business transactions, we estimate Mitek’s total addressable market (TAM) is well north of $1 billion."

For an analyst ratings summary and ratings history on Mitek Systems click here. For more ratings news on Mitek Systems click here.

Shares of Mitek Systems closed at $11.62 yesterday.

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