Baird analyst Jonathan Ruykhaver last night initiated coverage of FireEye with an Outperform rating and $22 price target. The analyst says that while the company's turnaround story "seems to be stuck in second gear," he believes in the vision laid out by management around an automated platform for detection, response and remediation. Further, the recent collaboration with Google somewhat validates the bull thesis that threat intelligence from Mandiant is differentiated and should drive sales when integrated into product, the analyst contends. He calls FireEye a top pick in Security and Infrastructure Software.