This Was 'Most Compelling' For FireEye, Barclays Notes

Raimo Lenschow of Barclays on Thursday commented in a note that

demonstrated strong growth in product and professional services in its fourth quarter results on Wednesday. Lenschow notes that the company's products which it introduced in fiscal 2014 like IPS doubled their attach rate to approximately 10 percent in the quarter while the HX endpoint solution added approximately 140 customers. However, the analyst adds that "most compelling" was that the number of deals that require a proof-of-concept (POC) were actually lower than the number that do require a POC, indicating that the company's products are beginning to resonate with a broader audience. Looking forward to fiscal 2015, the company's billing guidance of $800 million to $820 million represents a 35 percent to 40 percent year over year growth (all organic) and Lenschow believes recurring billing will be the faster growing parts of the business as FaaS gains traction. Shares remain Overweight rated with a price target raised to $42 from a previous $35.