The firm raised the price target of the shares to $72 from $62.
FireEye is up 4.53% to $52.59 in early market trading Tuesday.
Must Read: Warren Buffett's 10 Favorite Growth Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Wedbush sees the recent 43% fall of the stock as a result of a combination of a sector wide market correction, a disappointing secondary offering and a poor report from a third party software tester.
Wedbush, however, believes that the software security provider is poised to weather those storms.
"Despite these near-term challenges, our checks in the North American channel suggest that demand remains robust and that there is widespread enthusiasm for the combined FireEye/Mandiant platform, which we think will lead to upside to Q1 and 2014 revenue and billings guidance. We believe FireEye's approach to today's threat landscape is pragmatic and is tailored to the current needs of enterprise organizations" Wedbush said.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV