After Mitek Systems disclosed that it has received expressions of interest from multiple parties and that activist hedge fund Elliott Management has withdrawn its nomination of a dissident slate of directors since the company is evaluating its options, including a possible sale or merger, Benchmark analyst Mark W. Schappel said his "long held" view has been that Mitek could be worth $12-$13 per share "in a more normal operating environment." The analyst, who said that the news and Elliott's $11.50 outstanding bid "suggests that our inclinations are largely correct," keeps a Buy rating on Mitek shares with a $12 price target.

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