Oppenheimer analyst Shaul Eyal lowered his price target on FireEye, Inc (NASDAQ: FEYE) to $35.00 (from $39.00) while maintaining an Outperform rating following Q4 results. The firm sees a clearer path in 2016.

Eyal commented, "Consistent with its 1/21 positive pre-announcement FEYE's 4Q15 revenue came in at $184.8M, up 29% YoY—at the higher range of $184-185M guidance. Solid billings performance of $257M, up 20% YoY are at the higher range of guidance ($240-260M) suggesting solid demand trends. Operating cash flow of $9.4M in 4Q15 supports FEYE's accelerated path to profitability and is better than guidance. We remain attracted to FEYE given: 1. strength in recurring subscription and support billings (+~30% YoY); 2. improvement in EMEA/APAC; 3. an accelerated path to profitability; 4. eventual take-out candidate; and 5. compelling valuation levels of 1.5X EV/FY17 revenue. We lower our price target to $35 from $39 to reflect the group's contracting multiple."

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Shares of FireEye, Inc closed at $12.41 yesterday.