FireEye (FEYE): New Product Drive 2nd Upside Quarter - Stifel

Stifel analyst, Gur Talpaz, reiterated his Buy rating on shares of FireEye, Inc (NASDAQ: FEYE) after the company delivered its second quarter of upside in a row. Results came in ahead of consensus estimates across all major financial metrics, as the company benefited from both a record quarter in its Mandiant consulting business as well as strong execution against the ongoing NX refresh opportunity within its installed base.

The analyst stated "we are encouraged by the initial demand for and adoption of FireEye Helix, as 10 additional customers purchased the full Helix bundle during the period (four were closed on the final day of Q1). More importantly, Helix seems to be serving as an effective driver for capturing incremental wallet share, as FireEye saw more than $2 of additional product and subscription spend for every $1 that a customer spent on Helix (6 of the 10 Helix adopters chose to deploy FaaS on top of Helix).

No change to the price target of $20.

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 $14.69 yesterday.

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