Imperial Capital analyst Saliq Khan downgraded OneSpan to In-Line from Outperform while raising his price target for the shares to $20 from $19 following the company's Q4 results. The stock in midday trading is up 15%, or $2.49, to $19.26. The analyst says that while he remains positive on OneSpan, his new price target leaves little upside from current share levels. Further, given the transactional nature the company's business, Khan expects its "revenues to be lumpy." However, the analyst is encouraged by the reoccurring revenue aspect of the business model.