FireEye (FEYE) Cutting PT by 15% But Keeping OW rating - Piper Jaffray
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Piper Jaffray analyst, Andrew Nowinski, reiterated his Overweight rating on shares of FireEye, Inc (NASDAQ: FEYE) while cutting his price target to $17 from $20.
FireEye reported mixed Q2 results, missing revenue and billings expectations, but exceeding operating margin and EPS guidance. In order to preserve the profitability target in 4Q17, management will implement a restructuring plan to lower expenses, given the changing threat landscape. While product revenue continues to decline, the analyst notes that the virtual version of their flagship NX-series is set to launch later this month and a cloud-based version is scheduled to launch in Q4. He believes these products should reinvigorate revenue growth in FY17.
As a result, he maintains his Overweight rating but cuts his price target to $17 from $20, as the company works through this restructuring and product transition.
Shares of FireEye, Inc closed at $16.75 yesterday.
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