Needham & Company Assumes Mitek Systems (MITK) at Buy

Needham & Company assumes coverage on Mitek Systems (NASDAQ: MITK) with a Buy rating and a price target of $9.50.

Analyst Spencer Bogart commented, "Mitek Systems is a strategically positioned growth software company that is capitalizing on the rising significance of the mobile channel for enterprises. We believe Mitek will continue to reap the benefits of its dominant position in the rapidly growing mobile check deposit market which is fueling investments in other products addressing emerging challenges and opportunities for enterprises in the increasingly critical mobile channel. We're particularly encouraged by Mitek's investment (and strong early traction) in the identity and authentication market which leverages the company's core competencies and substantially expands Mitek's addressable market opportunity across verticals and geographies."

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 $7.79 yesterday.

You May Also Be Interested In

• BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
• Craig-Hallum Assumes DiaMedica Therapeutics Inc. (DMAC) at Buy
• Ameriprise Financial (AMP) PT Raised to $445 at Morgan Stanley