Needham & Company Reiterates a 'Buy' on Sourcefire (FIRE); CEO Ill, But Reaffirms Outlook

Needham & Company reiterates a 'Buy' on Sourcefire (NASDAQ: FIRE) price target of $65.00.

Analyst, Scott Zeller, said, "After the close Monday, SourceFire preannounced positive for JuneQ, while also announcing CEO John Burris will take a leave due to illness. FIRE’s JuneQ is to be “at the high end to slightly above guidance range”, and we are anticipating a solid report, despite the macro uncertainty in news headlines.

"We believe fundamentals are solid" FIRE is one of our favorite ideas, as we believe the company benefits from positive drivers: (a) secular growth in IPS/next-gen firewall; (b) the “ramping” of several VAR partners that have yet to be fully productive, allowing for potential future revenue upside; and (c) our belief that Federal/government spending on IPS/next-gen firewall may be improving materially."

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 $52.40 yesterday.

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