UPDATE: Goldman Sachs Initiates Coverage on FireEye on Market Leader Position
In a report published Tuesday, Goldman Sachs analyst Greg Dunham initiated coverage on FireEye (NASDAQ: FEYE) with a Neutral rating and $35.00 price target.
In the report, Goldman Sachs noted, “We initiate with a Neutral rating on FireEye, whose technology enables government organizations and enterprises to counteract cyber threats. FEYE is posting hyper growth (2Q revenues +109% yoy) as it benefits from customer adoption (+78% yoy) and new enterprise architectures in concert with a next generation of attacks (e.g., spear phishing, Advanced Persistent Threats) that make signature-based solutions less effective. FireEye is investing (headcount +228% yoy) to capture the opportunity. Despite our positive view, at 25x 2014 EV/Sales vs. hyper growth peers at 15x, we believe shares price in significant optimism, and we see limited near-term outperformance.”
FireEye closed on Monday at $41.55.
Latest Ratings for FEYE
|Oct 2014||JP Morgan||Upgrades||Neutral||Overweight|
|Oct 2014||First Analysis||Initiates Coverage on||Equal-weight|
|Oct 2014||Northland Securities||Downgrades||Market Perform||Underperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.