UPDATE: Nomura Initiates Coverage on FireEye with Buy Rating, $51 PT on Good Market Position

In a report published Tuesday, Nomura analyst Rick Sherlund initiated coverage on FireEye (NASDAQ: FEYE) with a Buy rating and $51.00 price target.

In the report, Nomura noted, “We are initiating coverage of FireEye with a Buy rating and $51 target price, with a positive view of the company's positioning within the security software space (specifically focused on Advanced Persistent Threats, or APTs). FireEye is a fast-growth security software vendor with a unique solution to identify both known and unknown threats to enterprises. Given its best-in-class performance and positive customer reviews, we believe that FireEye is poised to take wallet share in the security market. FireEye has exhibited an attractive growth profile over the past three years, increasing revenue at a 270% CAGR from $1.6mn in 2009 to $83mn in 2012.”

FireEye closed on Monday at $41.55.