UPDATE: Stifel Nicolaus Downgrades Sourcefire Following 2Q Results Report
In a report published Tuesday, Stifel Nicolaus analyst Todd Weller downgraded Sourcefire (NASDAQ: FIRE) from Buy to Hold, and removed the $64.00 price target.
In the report, Stifel Nicolaus noted, “Sourcefire's 2Q results while not relevant to Sourcefire shares given the pending acquisition by Cisco (CSCO, $25.33, Buy, covered by our colleague Sanjiv Wadhwani) provides some informational value for the security space. Sourcefire experienced very strong 2Q results, which we view to be a positive indicator for security. We view the most noteworthy item to be significant improvement in the Fed gov't business. While the company had been messaging improved pace in this business, we believe the degree of improvement was significantly better than expected. We view this to be most positive for Palo Alto Networks (PANW, $48.74, Buy).”
Sourcefire closed on Monday at $75.47.
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