William Blair analyst Jake Roberge has maintained their bullish stance on MITK stock, giving a Buy rating yesterday.
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Jake Roberge has given his Buy rating due to a combination of factors including Mitek Systems’ strong financial performance and promising future outlook. The company reported impressive fourth-quarter results, surpassing consensus expectations in both revenue and profitability. Notably, Mitek achieved a 4% revenue growth, contrary to the anticipated decline, and projected a significant 21% growth in SaaS revenue by fiscal 2025.
Mitek is experiencing robust demand for its Fraud and Identity solutions, which saw an 11% revenue increase in the recent quarter. The company anticipates a 15% growth in this segment for fiscal 2026, matching the previous year’s growth. Additionally, Mitek’s core mobile deposit business remains stable, and the company has made substantial progress in its CFD solution, covering nearly 50% of U.S. checking accounts. With plans to increase investment in sales, marketing, and R&D, alongside having addressed previous material weaknesses, Mitek is well-positioned for future growth, justifying the Buy rating.
According to TipRanks, Roberge is an analyst with an average return of -4.4% and a 37.37% success rate. Roberge covers the Technology sector, focusing on stocks such as Adobe, Jamf Holding, and UiPath.