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Enter Symbol:
Rating: MITK
Mkt Perform

Mitek Systems, Inc. (NASDAQ: MITK) downgraded to Mkt Perform by JMP Securities

Monday,  Apr 9, 2012  8:25 AM ET by Betsy O'Brien Harrison

JMP Securities downgraded Mitek Systems, Inc. (NASDAQ: MITK) to Mkt Perform. Previously
JMP Securities downgraded to Mitek Systems, Inc. (NASDAQ: MITK) to Mkt Outperform with price target $17 on 03/06/2012, when the stock price was $11.61.

Mitek Systems, Inc. (Mitek) is engaged in the development and sale of software solutions. The Company?s business develops and markets intelligent character recognition and document capture products and services deployed in the financial services markets. The Company?s technology is used to process checks by banks and is used in other markets for specialized applications. Branded Oomph for Office on My Phone, the Company?s new mobile applications use its proprietary technology to capture and read data from photos of documents taken using camera-equipped smartphones. The Company has developed and deployed a software application that allows users to remotely deposit a check using their smartphone camera. In addition, the Company has developed and deployed a receipt archival application and a mobile document faxing application using its proprietary technology. The Company?s product family consists of mobile applications and software development toolkits (SDKs).

MP Securities' equity research department provides institutional clients with comprehensive industry knowledge, unique insight and actionable information. JMP's senior research analysts are charged with developing proprietary investment themes, anticipating secular and cyclical changes and producing action-oriented reports. JMP follows companies in six industries that exhibit above-average long-term growth characteristics — Technology, Healthcare, Consumer, Real Estate, Financial Services and Business Services — and produces specialized equity research that enables investors to understand and invest in complicated growth stocks profitably.

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