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Fly News Breaks for December 8, 2016
FEYE
Dec 8, 2016 | 08:24 EDT
After private equity firm KKR agreed to buy Optiv Security, DA Davidson analyst Jack Andrews says that Optiv was acquired for an enterprise value/revenue ratio of about 2.6, in-line with FireEye's (FEYE) valuation. However, Andrews points out that Optiv's revenues are falling about 4%, while he estimates that FireEye's revenue will rise 12% in 2017. The analyst says that FireEye's gross margins are about double those of Optiv. He reiterates a $22 price target and a Buy rating on FireEye.
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