FireEye Inc (NASDAQ: FEYE)
FireEye is having an incredibly strong start to today's trading session. At the opening bell, the stock was already trading well into the green. Since then, we've seen a continuation of gains on the stock, only making the profits grow. Below, we'll talk about what we're seeing from FEYE, why, and what we'll be watching for with regard to the stock ahead.
What We're Seeing From FEYE
As mentioned above, FireEye is having an incredible morning in the market this morning. At the opening bell, the stock was already trading well in the green on news of an upgrade. From there, we've only seen more strong movement as the stock pushes for more and more profits. At the moment (10:29), FEYE is trading at $11.77 per share after a gain of $1.04 per share or 9.69% thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains on FEYE. As soon as we received the alert, the CNA Finance team started digging to see if we could dig up the cause for the gains. It didn't take long to find the story. Ultimately, today's gains seem to be the result of an analyst upgrade, and a big one at that.
Early this morning, Bank of America Merrill Lynch released a note to investors, informing them that it has upgraded FireEye stock. The upgrade pushes the stock's rating from a Neutral to a Buy. The analysts also made the decision to increase the price target on the stock to $18 per share, citing an underappreciated position in the market as the reason for the bullish view.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on FEYE. In particular, we're interested in following the company through the growth process as things seem to be headed in the right direction as we speak. Nonetheless, we'll continue to follow the story closely and bring you the news as it breaks!
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