Wedbush analyst Daniel Ives initiated OneSpan with a Neutral rating and $17 price target, saying the company has done a "commendable" job transitioning its business to a modern software security player that offers extensive authentication and fraud prevention solutions with a total addressable market that is now over $20B. OneSpan's Trusted Identity strategy and platform provides a unique value proposition as an open, cloud based platform that enables institutions to on-board customers, authenticate transactions, manage fraud, comply with regulations, and secure open-banking in a safe and frictionless method, Ives tells investors in a research note.