UPDATE: Barclays Downgrades FireEye to EW, Raies PT to $73.00 from $63.00

In a report published Friday, Barclays analyst Raimo Lenschow downgraded FireEye, Inc. FEYE to Equal-weight, raising its price target to $73.00 from $63.00. According to the report, the analysts remain strong believers in the structural growth story for the name but struggle to push for even further upside in the short term given the new valuation levels (18x CY2015 EV/Sales). FEYE is one of the most interesting names in the security space given its differentiated next-generation platform for tackling advanced cyber threats. “Technology is still disruptive: FireEye is changing the way customers approach cyber security and disrupting legacy vendors who still largely rely on outdated, signature-based approaches,” the report noted. “As we have previously shared, the acquisition of Mandiant expanded the company's TAM by introducing key market adjacencies like endpoint, incident response services, cloud SIEM and managed defense.” FEYE closed Thursday at $73.17.