Oppenheimer Maintained Bullish Stance on FireEye (FEYE) Amid Strong Q2

Oppenheimer analyst Shaul Eyal reiterated an Outperform rating and $58 price target on FireEye, Inc (NASDAQ: FEYE) amid strong Q2 and guidance.

Eyal commented, "FEYE reported strong 2Q15 results with revenue, non- GAAP operating margin, cash-flow from operations, deferred revenue, and billings all beating consensus estimates. Demand trends remain resilient for FEYE's solutions across the board, enabling it to raise 2015 revenue, billings and cash flow guidance. Given strong demand trends and execution levels, FEYE's path to profitability is accelerated by a year, which is highly positive. Michael Sheridan, FEYE's Chief Financial Officer for the past four years, will be transitioning to pursue a CFO position at a private technology company and a search for a permanent CFO is in process. We are taking advantage of the after-hours weakness and continue to build positions given better than expected operational improvement driven by strong demand trends."

For FY15, the firm is adjusting estimates to $637.5M/($1.75) from $628.1M/($1.80). For FY16E, they go to $881.2M/($1.35) from $867.7M/($1.35).

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 $47.76 yesterday.

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