Needham & Company Reiterates a 'Buy' on Sourcefire (FIRE); Raising PT and Estimates on Strong Qtr
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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 $48 to $65.
Analyst, Scott Zeller, said, "The Sourcefire results for MarQ were stronger than anticipated, even considering optimistic guidance on the previous call. FIRE has put together a few strong quarters in a row, and our field checks tell us this strength is due to a combination of visibility (critical mass/growing profile in the field) and “adding a lot of hands” (partner count +100% y/y). We also hear from our field contacts that there is a general increase in customer willingness to spend on “behind the firewall” technologies, including next-generation firewall and IPS/IDS, both of which benefit FIRE. Recall from our previous note, we discovered from our field checks at RSA conference that federal spending looked to be solidly improved y/y, since a budget is actually in place..."
FY12 EPS estimate from $0.71 to $0.74 and FY13 from $0.90 to $0.93.
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.
Analyst, Scott Zeller, said, "The Sourcefire results for MarQ were stronger than anticipated, even considering optimistic guidance on the previous call. FIRE has put together a few strong quarters in a row, and our field checks tell us this strength is due to a combination of visibility (critical mass/growing profile in the field) and “adding a lot of hands” (partner count +100% y/y). We also hear from our field contacts that there is a general increase in customer willingness to spend on “behind the firewall” technologies, including next-generation firewall and IPS/IDS, both of which benefit FIRE. Recall from our previous note, we discovered from our field checks at RSA conference that federal spending looked to be solidly improved y/y, since a budget is actually in place..."
FY12 EPS estimate from $0.71 to $0.74 and FY13 from $0.90 to $0.93.
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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