FireEye (FEYE): Weak Report, Guidance Reduced - Wells Fargo
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Wells Fargo analyst, Gray Powell, reiterated his Market Perform rating on shares of FireEye, Inc (NASDAQ: FEYE) after the company had a 7% miss on billings and a 4% miss on revenues. FEYE also lowered 2016 guidance and guided Q3 below Street estimates due to the reduced size of incident response engagements and the continuing shift to cloud revenues. Given the significant deceleration in growth into 2H’16, visibility on potential improvements in 2017 is limited.
Due to the lack of visibility, the analyst cut his valuation range to $14 - $16 from $16 - $17.
Shares of FireEye, Inc closed at $16.75 yesterday.
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