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Fly News Breaks for November 27, 2018
MITK
Nov 27, 2018 | 08:53 EDT
As previously reported, Benchmark analyst Mark Schappel upgraded Mitek Systems to Buy from Hold with a $12 price target. The analyst views CFO Jeffrey Davison rescinding his resignation and agreeing to stay on as a vote of confidence in new CEO Max Carnecchia and believes filling the CFO vacancy was one of the remaining hurdles in the company's attempt to fend-off the pending takeover proposal from Elliott. Given his view that Mitek is now better positioned to fend off Elliott's $10 per share proposal, Schappel thinks the activist will either need to up its offer meaningfully, drop its bid altogether or formulate additional steps such as proposing a dissident slate of directors.
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