FireEye (FEYE) Cutting PT by 15% But Keeping OW rating - Piper Jaffray

August 5, 2016 9:45 AM EDT
Get Alerts FEYE Hot Sheet
Price: $12.64 +2.93%

Rating Summary:
    11 Buy, 24 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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.

For an analyst ratings summary and ratings history on FireEye, Inc click here. For more ratings news on FireEye, Inc click here.

Shares of FireEye, Inc closed at $16.75 yesterday.

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