Needham & Company Reiterates a 'Buy' on Sourcefire (FIRE); Raising PT & Estimates
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Price: $75.96 --0%
Rating Summary:
3 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Sourcefire (NASDAQ: FIRE) price target raised from $32 to $48.
Analyst, Scott Zeller, said, "The SourceFire DecQ results were stronger than anticipated, given the macro uncertainty as well as uncertainty on federal IT spending at year-end. The commercial side of FIRE carried the day again (32.4m and +46% y/y), as federal was only 13% of DecQ revenue. It is our belief the continued channel build-out at FIRE (although costly to EPS) is driving revenue growth, as partner count was 576 in DecQ, up from 339 partners (+70% y/y). We continue to believe FIRE is following the ArcSight playbook for M&A, investing in outreach and revenue growth to define itself as a leader in a “new market”, while showing modest EPS and opmgn expansion (opmgn in CY11 was 15.8%, and our CY12 estimate is 16.7%)."
"Our CY12 goes from $191m and $0.64 up to $202m and $0.71. Introducing CY13 $244m and $0.90 EPS."
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 $35.82 yesterday.
Analyst, Scott Zeller, said, "The SourceFire DecQ results were stronger than anticipated, given the macro uncertainty as well as uncertainty on federal IT spending at year-end. The commercial side of FIRE carried the day again (32.4m and +46% y/y), as federal was only 13% of DecQ revenue. It is our belief the continued channel build-out at FIRE (although costly to EPS) is driving revenue growth, as partner count was 576 in DecQ, up from 339 partners (+70% y/y). We continue to believe FIRE is following the ArcSight playbook for M&A, investing in outreach and revenue growth to define itself as a leader in a “new market”, while showing modest EPS and opmgn expansion (opmgn in CY11 was 15.8%, and our CY12 estimate is 16.7%)."
"Our CY12 goes from $191m and $0.64 up to $202m and $0.71. Introducing CY13 $244m and $0.90 EPS."
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 $35.82 yesterday.
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