Mitek Systems price target raised to $14 from $13 at Maxim

Maxim raised the firm’s price target on Mitek Systems (MITK) to $14 from $13 and keeps a Buy rating on the shares. The company’s Q1 results topped estimates and consensus due to better-than-expected performance in the Identity segment and expense control, and the management is projecting the annual contract value – ACV – for Check Fraud Defender to double in 2025 from the $10M level in 2024, the analyst tells investors in a research note. Maxim adds that the company’s high gross margin is attributable to very strong market share and profitability in Deposits.