UPDATE: Summit Research Initiates Coverage On FireEye

Summit Research Monday morning initiated coverage of FireEye (NASDAQ: FEYE) with a Buy rating alongside a $45 price target.

Summit Research analyst Richard Williams assigned the rating based on its best-in-class advanced persistent threat (APT) detection, block and remediation technologies.

Williams continued to note that the stock has pulled back to more reasonable multiples, yet is still growing top-line at 50 percent to 75 percent year-over-year. Williams believes long-term investors can establish positions once again based on top-line growth and competitive position.

Williams believes FireEye is an attractive investment due to what he says are the following reasons, "1) the company's multi-vector extraction (MVX) engine is unequaled in successfully finding malware; 2) FireEye can process several million lines of code per hour, well beyond rivals' capabilities; 3) FireEye protects multiple threat vectors such as email, file sharing and websites; and 4) FireEye's unique position in detection, consulting and remediation allows it to penetrate the most demanding government entities that act as influencers to large numbers of potential corporate customers."

FireEye shares were last trading up 2.2 percent to close at $36.27 on Friday.