Imperial Capital Remains Bullish as FireEye's (FEYE) Preliminary 4Q Results Were Consistent with Street

Imperial Capital maintained an Outperform rating on FireEye, Inc (NASDAQ: FEYE), and cut the price target to $25.00 (from $32.00), following the company's preliminary 4Q results. Preliminary results were consistent with Street estimated revenue of $187mn and adjusted net loss per share of $0.37. Billings were at the high end of the guidance range, driven by subscriptions, support, and professional services.

Analyst Michael Kim commented, "We are maintaining our Outperform rating on FEYE shares and lowering our one-year price target to $25 from $32 based on comparable valuation. Our price target implies potential upside of 69% above recent levels. On 1/20/16, after the market close, FEYE announced preliminary 4Q15 results consistent with our estimates and consensus. In addition, management provided initial comments on the company’s 2016 outlook and it expects to achieve 20% organic billings growth and positive free cash flow. We believe these metrics significantly exceed investor expectations, as the stock has been under considerable pressure in recent weeks."

For an analyst ratings summary and ratings history on FireEye, Inc click here. For more ratings news on FireEye, Inc click here.

Shares of FireEye, Inc closed at $14.79 yesterday.

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