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Technology Stocks : Mitek Systems (MITK)

MITK 9.230

-0.1%

Oct 31 9:30 AM EDT

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From: Thomas Kirwin	8/30/2011 6:15:53 AM
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Mitek Systems shares rise on stock endorsement Mitek Systems shares rise as William Blair & Co. starts coverage with 'Outperform' rating. On Monday August 29, 2011, 2:16 pm EDT SAN FRANCISCO (AP) -- Share of Mitek Systems Inc. rose Monday on an endorsement of the company's stock from William Blair & Co. THE SPARK: William Blair & Co. initiated coverage of Mitek, giving the maker of smartphone technology for scanning checks an "Outperform" rating. THE BIG PICTURE: Smartphone sales are rivaling PC sales, and consumers are increasingly using their phones for Internet banking. San Diego-based Mitek makes technology that converts a mobile phone's camera into a scanner that can be used to read checks or expense-report receipts, for example. THE ANALYSIS: William Blair analyst Bhavan Suri wrote that the company is "well positioned to capture material share in the online banking imaging market," and could earn a penny per share in 2011 and 14 cents per share next year. SHARE ACTION: Shares rose 53 cents, or 6 percent, to $9.35. Over the past year, shares have traded between $1.25 and $10.18.

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