FireEye Inc FEYE shares are trading higher by $1.10 (9.5 percent) at $11.83 in Monday's session. The cybersecurity company has been wallowing at the $11.00 area for most of March.
The catalyst behind the rally is an upgrade at Bank Of America from Neutral to Buy and a significant price target bump from $13.50 to $18.00. This is the latest move by Wall Street analysts in the issue since First Analysis upgraded it from Underweight to Equal-Weight on February 3.
After a higher open, far over the top of Friday's range ($10.78), FireEye's stock immediately bottomed at $11.42 and continued its move higher.
At this time, the issue is approaching a major resistance level at the $12.00 area. As of 10:13 a.m. ET, the high for the session stands at $11.97. That high comes in between the string of seven consecutive highs ($11.85 to $12.05) from February 14 through February 23.
See Also:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
