FireEye, Inc. (NASDAQ:FEYE) is heading higher by about 9% in late Monday trade thanks to a positive note from Bank of America Merrill Lynch analyst Tal Liani. That included a boosted price target on FEYE stock of $18, up from $13.50.
Liani says FireEye has “some of the most advanced threat intelligence” in three areas:
- Dealing with network threats
- Strong position in endpoint protection
- Value of analytics and threat management.
More from the note, in which FEYE stock was upgraded to a “buy”:
“In addition, FireEye’s incident response and remediation service both stand on its own merits, yet also helps source new solution sales. We identify three key drivers for growth, serving as potential catalysts for the stock: There are 6000 appliances that are due a refresh, representing $200mn of market opportunity. New products: cloud MVX, Smart grid, Helix, enhancements to FireEye-as-a-Service and the next gen endpoints. Third, improvements to its go-to-market, recently adding new sales leadership, removing sales capacity constraints, and substantially reducing the channel partner conflict. We think the Street largely ignores management’s guidance for growth resumption in 2H17, which is an opportunity for a positive surprise.”
The move shot FireEye stock up to the 50-day moving average around $11.83, which shares haven’t even sniffed since early February, when earnings caused the stock to collapse hard after a multi-month battle with the level.
As of this writing, Robert Martin did not hold a position in any of the aforementioned securities.