Mitek Systems price target raised to $13 from $11 at H.C. Wainwright

H.C. Wainwright analyst Scott Buck raised the firm’s price target on Mitek Systems (MITK) to $13 from $11 and keeps a Buy rating on the shares following the fiscal Q4 report. The firm appreciates the improved transparency within the earnings results and management’s conference call discussion, but believes Mitek ‘s visibility “remains somewhat challenging.” However, should investors begin to see proof of execution over the coming quarters the shares to respond favorably, the analyst tells investors in a research note.