Piper Jaffray Upgrades FireEye, Inc (FEYE) to Overweight

Piper Jaffray upgraded FireEye, Inc (NASDAQ: FEYE) from Neutral to Overweight with a price target of $24.00 (from $15.00), saying the path to profitability is becoming clearer.

Analyst Andrew J. Nowinski commented, "We are upgrading FEYE to Overweight based on four factors. First, we believe FireEye will be successful in transitioning to an “As-a-Service” model, given the increasing complexity of the security environment and FireEye’s best-in-class intelligence gathering capabilities. Second, we believe FireEye can effectively leverage the channel to drive international expansion, without a significant increase in operating expenses. Third, we believe FireEye has a strong product roadmap, with new products designed to penetrate the SMB market as well as virtual products designed to target the cloud. Finally, we believe the culmination of these factors will enable FireEye to reach profitability in the second half of 2017. As such, we are raising our PT to $24 (previously $15)."

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 $17.84 yesterday.

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