Jefferies analyst Surinder Thind downgraded Mitek Systems to Hold from Buy with a price target of $9.50, down from $17. The company’s emergent growth challenges are unlikely to dissipate anytime soon, and not having a permanent CEO adds to questions around strategy and execution, the analyst tells investors in a research note. The firm says that following a “weak” fiscal Q3, revenues in Mitek’s Identity business are now expected to remain under pressure as a number of headwinds collectively impact results for the next few quarters. It cites near-term uncertainty for the downgrade.
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