UPDATE: Gabelli & Company Upgrades Shares Of FireEye On Valuation

In a report published Thursday, Gabelli & Company analyst Hendi Susanto upgraded FireEye (NASDAQ: FEYE) from Sell to Hold as shares don't represent the company's growth.

Susanto remarked that although investment risks still outweigh investment opportunities, the current share price doesn't offer an "attractive premium for selling." The analyst wrote, "We believe FireEye has strong credentials, an industry leading position, and the de-facto status in offering of virtual machine-based security platforms, incident response, and managed defense services in advanced cyber threats.

"FireEye continues to deliver strong growth in sales and billings. Management's 2014 guidance expects more than 50% growth of revenue based on proforma combination of FireEye and Mandiant."

Gabelli & Company has a 2015 PMV of $35.00 per share.

Shares of FireEye closed at $28.65 on Wednesday. The stock is currently trading at $27.60, down 3.80 percent.