FireEye's stock price rose 3.42% to $14.36 a share after Goldman upgraded its rating on the cybersecurity firm to buy from neutral.
FireEye is gaining traction on sales of its Helix cybersecurity platform, recently expanding its capabilities to protect work collaboration platforms Slack and Microsoft's Teams. Overall, the expanded Helix - FireEye Detection on Demand - enables companies to scan for malicious content that may be lurking in the cloud.
The Milpitas, Calif-based tech company is also starting to reap the benefits of its $250 million acquisition last year of Verodin, which evaluates the effectiveness of cybersecurity controls.
Goldman Sachs analyst Brian Sussex also kept his $18 a share price target on FireEye, which represents a more than 30% premium over its current trading price.
Zacks Investment Research recently named FireEye as one of four tech stocks investors should consider buying as they look for stability amid the coronavirus-driven market selloff.
Zacks cited the cybersecurity company's decision to shift to a subscription-based service, noted that it has been "stoking growth."
"FEYE is expected to keep benefiting from solid demand for its products, given the healthy environment of global security market," Zacks noted.
FireEye in early February beat analysts' earnings estimates, reporting non-GAAP quarterly earnings of 7 cents a share. That was 75% higher than the estimate of analysts surveyed by Zacks and an increase from the same quarter a year ago when FireEye's earnings rang in at 6 cents a share.