Wells Fargo Starts FireEye, Inc (FEYE) at Outperform

February 10, 2014 8:31 AM EST
Get Alerts FEYE Hot Sheet
Price: $13.03 -0.69%

Rating Summary:
    12 Buy, 24 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Wells Fargo initiated coverage on FireEye, Inc (NASDAQ: FEYE) with an Outperform rating and price target of $83-$87. Analyst Gray Powell called the stock a "once in a decade opportunity."

"We believe FEYE offers a once in a decade opportunity to invest in a truly disruptive technology that will meaningfully alter the competitive landscape within the cyber security space. We think recent high profile attacks such as Target and Neiman Marcus increase awareness for security – particularly those in the anti-malware space such as FEYE. At an estimated $410MM in '14E revenue, FEYE should be able to grow at a 45%+ 5 year CAGR. Lastly, FEYE's management is highly respected and has a history of creating shareholder value. As a result, we think FEYE shares will consistently maintain a premium valuation and that an Outperform rating is appropriate for the stock," said Powell.

"Traditional network and signature based technology simply fails to detect new advanced malware and threats that often arrive from multiple vectors (email, files, and websites) without any known signature. This is driving a need for solutions that can detect new and unknown threats in real time without relying in traditional signature based methodologies. FEYE's virtual machine technology and cloud subscription service enable enterprises to detect these new and unknown threats and stands to significantly disrupt legacy solutions," added the analyst.

For an analyst ratings summary and ratings history on FireEye, Inc click here. For more ratings news on FireEye, Inc click here.

Shares of FireEye, Inc closed at $70.73 yesterday.

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