Goldman Sachs Comments on FireEye's (FEYE) Q1
- Top 10 News for 10/5 - 10/9: Twitter Names New CEO; Fed Cautious on Hike Amid Global Slowdown; GE Gets New Activist
- Wall Street ends best week of year with slight gain
- DSV to Acquire UTi Worldwide (UTIW) in $1.35B Deal
- SolarWinds (SWI) Commences Review of Strategic Alternatives
- Barclays Downgrades Tesla Motors (TSLA) to Underweight
Goldman Sachs maintained a Neutral rating on FireEye, Inc (NASDAQ: FEYE) and reduced its price target to $58.00 (from $68.00). The change follows Q1 results.
Analyst Greg Dunham said, "While billings is the best indicator of the business and this surprised to the upside, the challenging market backdrop for growth stocks could cause the selloff in the after-market (i.e., shares down 10%) to be an accurate indication of today’s (5/7) trading activity. The complexity inherent to a mixed model of product, subscription and services with varying term lengths (i.e., 32 month average term in 1Q14 vs. 26 last year) and an acquisition add noise to what we believe is a strong fundamental story. Organic growth remains impressive at more than 50% yoy in both businesses and the outlook should benefit from aggressive product launch plans (4 major releases with potential for a significant endpoint product) and a maturing market that is shifting to next-generation solutions. While it remains difficult to assess the trend lines in sales productivity at this point given the timing of hires, we believe the fundamental set-up for the back half is likely to lead to more beat and raise performance."
Shares of FireEye, Inc closed at $37.13 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FireEye (FEYE) Cut to Neutral at Dougherty on Concerns About Competition and 'Brain Drain'
- Piper Jaffray Cuts Price target on LDR Holding (LDRH) Following 3Q Pre-announcement
- Piper Jaffray Cuts Price Target on BioCryst Pharma (BCRX) Following Phase I '7353 Data
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
Related EntitiesGoldman Sachs, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!