UPDATE: FBN Securities Initiates Coverage on FireEye
On Monday, FBN Securities initiated coverage on FireEye (NASDAQ: FEYE) with an Outperform rating and $65 price target.
Analyst Shebly Seyrafi views the recent decline as a buying opportunity, as the selloff was caused by a broader market selloff of high momentum stocks and the March 19 lockup expiry.
The analyst's channel checks indicate FireEye resellers are anticipating strong growth ahead and the 2014 billing forecast could see upside.
Seyrafi is bullish on FireEye's “rapidly growing” international business and the acquisition of Mandiant.
While the coverage has popped the stock 2.2 percent, shares of FireEye are still down 47.5 percent from its high of $97.35 in early March.
Seyrafi's $65 price target is 26 percent above current levels.
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