As previously reported, Needham analyst Spencer Bogart upgraded Mitek Systems to Buy from Hold saying that the software company is capitalizing on the rising significance of the mobile channel for enterprises. The analyst believes Mitek will continue to reap the benefits of its "dominant position" in the growing mobile check deposit market, and says he is encouraged by the company's investment in the identity and authentication market which leverages its core competencies and expands its addressable market opportunity. He has a $9.50 price target on the shares.

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