Jefferies Initiates Coverage On Sourcefire With Buy Rating

According to Jefferies, Sourcefire FIRE coverage is initiated with a Buy rating. Jefferies said that Sourcefire is expanding its supply in a healthy demand environment which should lead to accelerating revenue growth and margin expansion. “We are initiating coverage with a Buy rating; our $31 price target is based on 45x our CY12 EPS estimate of $0.68; in line with the average forward multiple over the last two years.” Sourcefire closed yesterday at $27.32.