) on Thursday with a price target lowered to $32 from a previous $38. FireEye reported its third-quarter results on Tuesday which included revenue of $114.2 million and an adjusted loss per share of $0.51. Kim expected the company to report revenue of $115.9 million and lose $0.54 per share. The analyst notes that the company did continue to broaden its market reach with 263 new customers in the quarter, bringing its total customer base to 2,761. “However, FireEye is continuing to invest aggressively for growth and cash burn remains a significant near-term consideration,” Kim wrote. “In conjunction with the ongoing changes in the business, we think investors could remain on the sidelines until financial performance becomes more consistent and there is greater clarity on the contribution of FireEye-as-a-Service.” Kim expects the company to achieve revenue growth of 25 percent to 30 percent in fiscal 2016 and 20 percent to 25 percent growth in fiscal 2017, implying a potential revenue base of nearly $1 billion in fiscal 2017. The analyst believes that in 2017, shares will trade at a comparable valuation level to its peers. Kim applies a 5.0x EV/revenue multiple on potential fiscal 2017 revenue, consistent with the peer group average on consensus estimated fiscal 2015 revenue. Assuming a net cash position of $263 million exiting fiscal 2015 implies a valuation of $33.50. Adjusting for a 2 percent inflation leads to Kim's $32 price target.