BofA analyst Tal Liani downgraded FireEye to Neutral from Buy with a $20 price target. In a research note to investors, Liani says FireEye's stock has been range-bound between $10 and $20 for the past four years due to a slow turnaround process and legacy components hurting growth reacceleration, adding that he sees the potential for this scenario to continue. The analyst sees some risk to management's assumption that the Platform/Cloud/Managed Services segment billings grow at a 30% CAGR through 2024, as he thinks this implies that FireEye consistently gains share in highly competitive markets for the foreseeable future. Additionally, he sees some risk that Helix and Verodin remains nascent and unable to offset the legacy appliance pressures through 2020.