UBS maintains a 'Neutral' on Sourcefire (FIRE); Number One Takeout Candidate

May 1, 2012 1:01 PM EDT Send to a Friend
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Price: $75.96 --0%

Rating Summary:
    4 Buy, 16 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 28 | New: 20
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UBS maintains a 'Neutral' on Sourcefire (NASDAQ: FIRE) price target raised from $46 to $54.

Analyst, Brent Thill, said, "'Beat and raise’ FQ1 headlined by, 1) FQ1 $5M/$0.03 ahead, 2) raised FY12 revs guide to +25% from +20%, and 3) Federal gov’t demand is normalizing and drove $3M of the upside. Fundamentals remain strong and we think FY12 estimates have $10M/$0.03 more on the upside but we are worried valuation at 7.1x FY12E EV/sales is bumping up against a ceiling leaving little room for error given the increasingly competitive network security market (NGFW alone has 10+ competitors). FIRE remains our #1 M&A candidate with an estimated takeout range $53-$60."

UBS raises FY12 EPS estimate from $0.72 to $0.76 and FY13 from $0.90 to $0.95.

For an analyst ratings summary and ratings history on Sourcefire click here. For more ratings news on Sourcefire click here.

Shares of Sourcefire closed at $50.99 yesterday.


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