FireEye (FEYE) PT Cut to $17.50 at Nomura, Buy Maintained; Risk/Reward is Positive
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Nomura Securities analyst Frederick Grieb lowered his price target on FireEye, Inc (NASDAQ: FEYE) to $17.50 (from $22.50) but retained a Buy rating following a solid quarter.
Grieb commented, "FireEye currently trades at just 4.6x EV / LTM Subscription Revenue. 4.0x EV / LTM Subscription revenues is typically a floor valuation for security and enterprise software vendors, and at this level, the company is essentially trading at the standalone value of its recurring maintenance stream. Based on its aftermarket price of $12.68, we believe FireEye currently has downside to ~$11.20 (4.0x EV / LTM Subscription revenues) or about 12% downside, while in an upside scenario, we see $17.50, or 3.3x CY’17 Total Revenues (38% upside). We like the current risk/reward and remain Buy rated."
Shares of FireEye, Inc closed at $11.01 yesterday.
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