Craig-Hallum raised the firm’s price target on Mitek Systems to $19 from $17 and keeps a Buy rating on the shares. The firm notes the company reported Q1 2024 results and filed its 10-Q on Monday. The company is now back on file for the first time in roughly two years. Q1 results were uninspiring as expected with the much talked about large up-front Mobile Deposit deal creating a tough compare, Craig-Hallum adds. More importantly the company guided for material sequential revenue growth in Q2, which is already completed, and further sequential improvement and year-over-year growth accelerating in the second half of the year, the firm says.
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