Corner Turned for FireEye (FEYE) - Oppenheimer
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Oppenheimer analyst Shaul Eyal reiterated an Outperform rating on FireEye, Inc (NASDAQ: FEYE) but lowered his price target to $28.00 (from $33.00) following solid Q3 results. Eyal said the corner has been turned.
Eyal commented, "In spite of quarterly distractions (restructuring, sales leadership changes), FEYE reported solid 3Q16 results exceeding Consensus' revenue, operating margin, loss per share, and cash flow estimates. While prudently tweaking revenue and billings estimates for 4Q16 (new head of WW sales has yet to start and no EMEA leader yet), FEYE remains focused on accelerating its path to profitability by improving its bottom line's guidance. Metrics regarding contract/customers remain largely unchanged and we believe 4Q16 outlook is highly achievable. It would appear that FEYE's management team is steering the ship in the right direction and we expect no near-term fumble. We are adjusting our estimates to reflect the path to profitability improvement and view current valuation of 2.3x EV/FY17 revenue as compelling. Reiterate Outperform."
Shares of FireEye, Inc closed at $11.01 yesterday.
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