Jefferies assumed coverage of Mitek Systems with a Buy rating and $13 price target. The analyst expects the company to continue building out its identity business by leveraging the cash flows from its Mobile Deposits business. More near-term, with the company back in compliance with SEC filing requirements, capital allocation will likely include share repurchase activity, the analyst tells investors in a research note. The firm views the shares as attractively priced.
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Read More on MITK:
- Mitek reiterates 2023 revenue outlook $169M-$171M, consensus $170.42M
- Mitek Systems reports Q3 EPS 20c, consensus 18c
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- Mitek Systems enters into strategic partnership with Equifax
- Mitek Systems backs FY23 revenue view $169M-$171M, consensus $169.97M
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