UPDATE: J.P. Morgan Upgrades FireEye As Good Growth Continues

In a report published Thursday, J.P. Morgan analyst Sterling Auty upgraded the rating on FireEye Inc FEYE from Neutral to Overweight, and reiterated the $54.00 price target. In the report, J.P. Morgan noted, “Expectations have actually gotten quite low—hard to imagine for such a fast growing company—but we believe investors' concerns about competition and the level of operating losses have grown tremendously. While we agree the competition today is stiffer than at the time of the IPO, the opportunity has expanded dramatically. We think growth is continuing to be healthy and in coming quarters we expect investors will get a better sense of operating leverage and the combination will help drive share out performance. So we are upgrading to Overweight from Neutral.” FireEye Inc closed on Wednesday at $26.80.