UPDATE: Barclays Downgrades FireEye, Inc (FEYE) to Underweight
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Barclays analyst Saket Kalia downgraded FireEye, Inc (NASDAQ: FEYE) from Equalweight to Underweight with a price target of $17.00.
The analyst comments "We are downgrading FEYE to UW from EW, leaving our $17 PT unchanged for three reasons. First, the stock has reached our PT after-hours, which we sanity-check with our SOTP post Blackstone/Respond deals. Second, we think FEYE's plan to transform the business is the right one long term, but we think more M&A could be required and deals like Respond could require a premium. Third, we think there could be a broadening competitive backdrop in Platform - while FEYE clearly differentiates with threat intel and incident response advantages, we think competition could broaden with vendors in SIEM, endpoint, and email security. Stock has reached our $17 PT after-hours, which we have more conviction in after doing SOTP on FY22."
Shares of FireEye, Inc closed at $14.24 yesterday.
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