Jefferies expects that accelerating demand for artificial intelligence-driven fraud prevention will boost shares of Mitek Systems higher. The bank upgraded the software company to a buy rating from hold, calling it “an AI beneficiary that provides fraud, identity, and digital check solutions.” Analyst Surinder Thind also bumped his price target to $15 from $11. Shares of Mitek Systems have popped 14% over the past 12 months. They have added 9% this year. Thind’s new forecast implies further upside of 30%. MITK 1Y mountain MTK 1Y chart Thind’s upgrade comes after Mitek reported its fiscal first-quarter results last Thursday. The company earned an adjusted 26 cents per share in its last quarter, surpassing the 18 cents analysts polled by FactSet had expected. Mitek’s $44.2 million revenue also beat the estimated $42.5 million. “The results of this quarter combined with the growing…
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