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Fly News Breaks for November 5, 2015
FEYE
Nov 5, 2015 | 05:49 EDT
Wells Fargo analyst Gray Powell downgraded FireEye to Market Perform citing the company's weaker than expected Q3 report and Q4 outlook. Too many near to medium term issues bring uncertainty to growth forecasts, Powell tells investors in a post-earnings research note. The cybersecurity solution provider missed Q3 billings estimates by 7% after beating by an average of 7% the prior six quarters, the analyst points out. Powell cut his price target range for the shares to $22-$25 from $56-$59. FireEye is trading down $4.02 to $25.10 in the pre-market. JPMorgan analyst Sterling Auty this morning lowered his price target for FireEye to $30 from $54 and removed the stock from his firm's Analyst Focus List.
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