FireEye's New Helix Platform Is Encouraging

D.A. Davidson maintains its Buy rating on FireEye Inc (NASDAQ: FEYE), saying the company’s new Helix platform is encouraging, as it brings about 30 separate FireEye products together under a single user interface.

Helix

“We believe Helix positions FEYE well regarding the key theme in security in our view—vendor consolidation,” analyst Jack Andrews wrote in a note.

Helix is currently available for limited early adopters and is anticipated to become generally available late in the first quarter of 2017.

Management

FireEye also recently announced the hiring of Bill Robbins as executive vice president of worldwide sales. Robbins comes with more than 20 years of sales, operations, market development and change management experience from companies such as Nuance Communications Inc. (NASDAQ: NUAN) and Symantec Corporation (NASDAQ: SYMC).

Andrews is pleased with the steps FireEye is taking to transform its business, and he is now focusing on changes in the sales organization and channel relationships.

Analyst's Bottom Line

Despite the recent skepticism from Wall Street, Andrews is bullish on the shares of the cybersecurity firm. Andrews’s $22 price target implies a potential upside of 69 percent over December 5 close.

“For investors with a longer term, multi-quarter time horizon, we believe the risk/reward setup is increasingly favorable at current levels,” Andrews added.

Shares of FireEye closed Monday’s trading at $13.