24/7 Wall St.

When FireEye Inc. (NASDAQ: FEYE) reported its first-quarter financial results after the markets closed on Tuesday, overall the report was received well by investors, who sent shares up nearly 15% on Wednesday. Although some analysts had been somewhat neutral on the stock, and cybersecurity industry as a whole, they seem to be slowly coming around and raising their targets after this strong beat.

24/7 Wall St. has included some brief highlights from the earnings report, as well as what some analysts are saying afterward.

The cybersecurity firm posted a net loss of $0.09 per share and $173.7 million in revenue, which beat consensus estimates that had called for a per-share net loss of $0.26 and revenue of $163.67 million. In the same period of last year, FireEye posted a net loss of $0.47 per share and $167.97 million in revenue.

During this quarter, the company said that it had a gross margin of 73%, compared to 70% in the first quarter of 2016, as well as above the guidance of approximately 70%.

In terms of guidance for the second quarter, the company expects to see a net loss in the range of $0.10 to $0.14 and revenues between $173 million and $179 million. The consensus forecast is a net loss of $0.14 per share and $173.31 million in revenue.

Merrill Lynch gave its investment rational as follows:

FireEye’s stock offers a unique buying opportunity given a combination of ultra-low expectations, low valuation, plethora of new solutions and recent sales leadership refresh. We believe the Street under appreciates the quality of FireEye’s management, its recovery strategy and the quality of its technology and solutions that could drive growth in 2H17. The stock trades at a substantial discount to peers and any sign of growth and profitability could drive a share price recovery, in our view.

Here’s what some other analysts had to say as well:

• Barclays has an Equal Weight rating and raised its price target to $14 from $10.
• BMO raised its price target to $15 from $11.
• Cowen raised price target to $15 from $13.
• Evercore ISI has an Outperform rating and raised its target to $16 from $14.
• JPMorgan raised its price target to $15.50 from $13.
• Morgan Stanley raised its price target from $11 to $12.
• Stifel raised its price target to $20 from $17.
• Wedbush has a Neutral rating and raised the price target to $13 from $11.

Shares of FireEye were last seen up 14% at $13.95, with a consensus analyst price target of $13.91 and a 52-week trading range of $10.35 to $18.42.