SOURCE: Mitek Systems, Inc.

Mitek Systems, Inc.

December 01, 2009 08:30 ET

California Equity Research Initiates Coverage of Mitek Systems

SAN DIEGO, CA--(Marketwire - December 1, 2009) - California Equity Research initiated coverage today of Mitek Systems (OTCBB: MITK) $0.70 with a Buy rating.

Director of research Bud Leedom and senior associate analyst Jack Scott highlighted these themes in the initiation report:

--  Mitek Systems is the leading provider of solutions to detect bank
    check fraud, processing more than 10 billion checks annually.
--  Mitek is poised to see industry-wide adoption of its Mobile Deposit
    application among financial institutions which is expected to lead to a
    return to profitability in 2H10.
--  The number of mobile banking users is expected to double in 2009 to 10
--  The market for mobile deposit capture is expected to grow to $100
    million in 2016 led by Mitek's Mobile Deposit.
--  Mitek shares could reach $3.25 in 2010 based on our estimates.

The 30-page research report contains estimates for the adoption of mobile banking and charts new ground in forecasting the growth of mobile deposit capture and Mitek's Mobile Deposit.

For media inquiries, please contact Bud Leedom at 858-829-8688, or

About California Equity Research, LLC

California Equity Research (CER) is an independent equity research firm headquartered in San Diego, California. Our intimate knowledge of companies based in California, particularly Southern California, allows our research team to uncover emerging opportunities well ahead of Wall Street. CERs disciplined research process emphasizes channel engagement, management contact and continuous company visits. CER specializes in growth industry sectors including Healthcare, Technology, Entertainment/Media and Software. For more information, please visit

Important Disclosures

This research has been prepared by California Equity Research. Some companies California Equity Research covers are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies.

The securities discussed in California Equity Research equity research reports may be unsuitable for certain investors depending on their specific investment objectives, financial status, risk profile, or particular needs. Investors should consider this report as only a single factor in making their investment decisions and should not rely solely on this report in evaluating whether or not to buy or sell the securities of the subject company.

Contact Information