UPDATE: J.P. Morgan Initiates Coverage on FireEye on Market Leader Position
In a report published Tuesday, J.P. Morgan analyst Sterling Auty initiated coverage on FireEye (NASDAQ: FEYE) with an Overweight rating and $50.00 price target.
In the report, J.P. Morgan noted, “The way we protect our computers and networks against malware (viruses, etc.) has not changed all that much in the last 20 years. The main products people rely on are signature-based technologies including antivirus and intrusion detection/prevention systems that are unable to help against unknown attacks. FireEye's solution puts together a number of key technologies in a way that produces what we believe is a game-changing solution for the protection against modern-day malware. This is providing a fast growth opportunity for the company to capture a significant amount of an existing $10-12B market, and we believe that is an attractive investment opportunity so we are initiating coverage with an Overweight rating.”
FireEye closed on Monday at $41.55.
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