FireEye Pops 18% As JPMorgan Lifts PT
FireEye (FEYE) jumped 18% on July 29 as analysts from JPMorgan to Barclays increased their price targets on the stock following the company’s strong 2Q financial results.
FireEye reported 2Q earnings of $0.09 per share beating analysts’ estimates for a quarterly loss of $0.02. Its revenues for the quarter amounted to $229.9 million topping Street estimates of $214.8 billion
Among the top Wall Street analysts, JPMorgan analyst Sterling Auty raised his price target to $18 (13.6% upside potential) from $15 and reiterated a Buy rating on the stock. In a note to investors, Auty said that FireEye’s “beat and raise” 2Q results “finally demonstrate” that product headwinds are fading.
Barclays analyst Saket Kalia lifted FireEye’s price target to $17 (7.3% upside potential) from $12 and maintained a Hold rating.
Overall, FEYE has a Moderate Buy analyst consensus. The average price target of $16.85 implies a 6.4% upside potential in the coming 12 months. (See FEYE stock analysis on TipRanks).
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