OneSpan initiated with a Buy at Rosenblatt

Rosenblatt initiated coverage of OneSpan with a Buy rating and $20 price target. The company is successfully pivoting from a hardware-centric model to a software-centric business model, and the evidence of the transformation can be seen in OneSpan’s strong subscription revenue growth and improving profitability, the analyst tells investors in a research note. An expanding product pipeline, coupled with a strong foundation of blue-chip customers, positions OneSpan for future growth, even though the stock trades at a discount to its peers, the firm added.