Benchmark analyst Mark Schappel said Mitek Systems reported good Q2 results, but this is being overshadowed by the announcement that the company rejected all outstanding buyout offers and concluded its strategic review process. While not surprised to see the stock trade down in afterhours following the news, he thinks "a few more quarters of consistent execution" can get the stock trading up to the 5x revenue range and Schappel keeps a Buy rating on Mitek, which he believes should start trading on fundamentals. He trimmed his price target on Mitek to $14 from $15.