UPDATE: Jefferies Starts Mitek Systems (MITK) at Buy
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Jefferies analyst Hamzah Mazari initiates coverage on Mitek Systems (NASDAQ: MITK) with a Buy rating and a price target of $20.00.
The analyst commented, "We initiate on MITK with a Buy rating and $20 PT based on the business transformation under the new CEO and the penetration opportunity in the digital identity business. We also think the market is underestimating the potential for more large-scale M&A in the pipeline as the balance sheet is under levered (net cash position)."
Shares of Mitek Systems closed at $14.81 yesterday.
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