Imperial Capital Downgrades FireEye, Inc (FEYE) to In-Line
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Imperial Capital downgraded FireEye, Inc (NASDAQ: FEYE) from Outperform to In-Line with a price target of $15.00 (from $25.00).
Analyst Michael Kim commented, "Our price target implies potential upside of 4% above recent levels. While we believe FEYE remains a leader in advanced threat detection, we see greater near-term challenges and business risks due to industry shifts and organizational changes. Of particular note, management is changing the company’s sales leadership (worldwide and EMEA) and plans to reduce headcount by 300-400 (about 10% of total employees), which we believe could be disruptive to sales productivity and operational execution. In our view, investors could remain on the sidelines until management delivers more consistent financial results and renewed growth from FireEye-as-a-Service (Faas), incident response services, and new products for FY17 (e.g., MVX separation, MVX detection in the cloud, endpoint real-time threat detection), while remaining on track toward achieving sustained profitability."
Shares of FireEye, Inc closed at $14.42 yesterday.
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