FireEye Is Hot After Bank Of America Upgrade
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.
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.
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