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FireEye Inc (NASDAQ:FEYE) shares are trading higher by $1.10 (9.5 percent) at $11.83 in Monday's session. The cybersecurity company has been wallowing at the $11.00 area for most of March.
The catalyst behind the rally is an upgrade at Bank Of America from Neutral to Buy and a significant price target bump from $13.50 to $18.00. This is the latest move by Wall Street analysts in the issue since First Analysis upgraded it from Underweight to Equal-Weight on February 3.
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After a higher open, far over the top of Friday's range ($10.78), FireEye's stock immediately bottomed at $11.42 and continued its move higher.
At this time, the issue is approaching a major resistance level at the $12.00 area. As of 10:13 a.m. ET, the high for the session stands at $11.97. That high comes in between the string of seven consecutive highs ($11.85 to $12.05) from February 14 through February 23.
See Also:
FireEye Is Hot After Bank Of America Upgrade
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.