FireEye gains; Summit launches coverage, praises technology

|By:, SA News Editor

Declaring FireEye's (FEYE +4.4%) to advanced persistent threat (APT) security platform to be unmatched technology-wise, Summit Research's Richard Williams has launched coverage with a Buy and $45 PT.

Williams notes FireEye "protects multiple threat vectors such as e-mail, file sharing and websites," and calls its multi-vector extraction engine "unequaled in successfully finding malware."

He adds FireEye can "process several million lines of code per hour, well beyond rivals' capabilities," and that its tech lead allows it to penetrate government accounts "that act as influencers" for enterprise buyers.

Barclays and Nomura praised FireEye's technology strengths last month. Shares now +48% from a May 15 low of $25.58, but still -61% from a post-IPO high of $97.35.