There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Mitek Systems Inc (MITK) and Cloudera Inc (CLDR) with bullish sentiments.
Mitek Systems Inc (MITK)
Northland Securities analyst Michael Grondahl maintained a Buy rating on Mitek Systems Inc today and set a price target of $12.50. The company’s shares closed on Friday at $9.63.
Grondahl noted:
“We believe these are conservative as of revenue) remains at 10-20% growth and slightly towards the high-end, and of revenue) is growing much faster. We also believe 2020 (starting Oct. 2019) will represent roughly almost 1 year after new CEO Max Carnecchia started, so his plans and initiatives should become more evident and begin to bear fruit. Key Points We believe MITK has become more attractive on this recent pullback post MITK ending the strategic alternatives process with a public $11.50 offer and several believing they turned down an even higher offer. While this is not currently on the table, it does provide a sense of what some one might pay in the future. Based on our new 2020 estimates, MITK trades at 3.5x EV/Revenue.”
According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 20.7% and a 60.5% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Thunder Bridge Acquisition Ltd.
Mitek Systems Inc has an analyst consensus of Strong Buy, with a price target consensus of $15.13, a 57.1% upside from current levels. In a report issued on June 21, Roth Capital also maintained a Buy rating on the stock with a $14 price target.
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Cloudera Inc (CLDR)
In a report released today, Tim Klasell from Northland Securities maintained a Buy rating on Cloudera Inc, with a price target of $12. The company’s shares closed on Friday at $5.77, close to its 52-week low of $4.89.
Klasell observed:
“We are encouraged by the announcement as it puts to bed concerns about the strength of the IBM partnership following HDP’s acquisition. We also consider IBM an even more logical buyer of CLDR following the strategic tie-up.”
According to TipRanks.com, Klasell is a 5-star analyst with an average return of 18.4% and a 71.9% success rate. Klasell covers the Technology sector, focusing on stocks such as ServiceSource International Inc, Tyler Technologies, and Zix Corporation.
Cloudera Inc has an analyst consensus of Moderate Buy, with a price target consensus of $8.68.
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