Shares of FireEye Inc (ticker: FEYE) were up more than 9 percent Monday afternoon after Bank of America upgraded the struggling stock and raised its price target from $13.50 to $18.
Bank of America analyst Tal Liani, who upgraded FEYE stock from “neutral” to “buy,” says the company is finally well-positioned for its next extended growth phase.
“FireEye’s core value proposition is centered around having some of the most advanced threat intelligence that lends its value to three areas of innovation: dealing with network threats, strong position in endpoint protection and above all is the value of analytics and threat management,” Liani says.
FireEye was once a market favorite within the growing tech field of cybersecurity. However, FireEye shares are down more than 83 percent over the past three years as revenue growth has stagnated.
Bank of America notes several potential catalysts for FEYE stock in the near future. First, the firm identified more than 6,000 appliances that are due for an imminent refresh cycle. Liani says these products represent a $200 million market opportunity for FireEye.
In addition, FireEye’s robust new product lineup includes Cloud MVX, MVX Smart Grid, Helix and upgrades to its FireEye as a service product.
Finally, the company’s recent commitment to sales includes beefing up its leadership, upping its capacity and addressing channel partner conflicts.
FireEye could also generate some major government business in coming years. In 2015, FireEye became…
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