Imperial Capital Remains Sidelined on FireEye (FEYE) After Revising 4Q and 2017 Estimates
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Imperial Capital reiterated an In-Line rating and $15.00 price target on FireEye, Inc (NASDAQ: FEYE) after revising 4Q and 2017 estimates. Imperial's revised outlook for 4Q16 and FY17 assumes moderately lower billings performance, though highlights the company’s faster than expected cost reductions. For 4Q16, management estimates revenue of $187-193mn and adjusted net loss per share of $0.16-0.18, compared with Imperial's and the Street's previous revenue estimates of $196mn and 196mn and adjusted net loss per share estimates of $0.19/0.20.
Analyst Michael Kim commented, "We are maintaining our In-Line rating on FEYE shares and our one-year price target of $15. Our price target implies potential upside of 11% above recent levels. We are encouraged by the company’s turnaround progress in 3Q16, though we await stronger billings momentum from new offerings, enhancements to FireEye-as-a-Service (FaaS), and expansion into mid-market customers. We look for potentially greater improvement following the appointment of a new Head of Worldwide Sales in the near future, as well as a permanent sales leader for the EMEA region. Despite organizational distractions from its restructuring, we note FEYE achieved 3Q16 results above our estimates and consensus, buoyed by faster cost reductions and sales execution."
Shares of FireEye, Inc closed at $13.55 yesterday.
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