Proofpoint (PFPT): Raising PT After A Stellar Quarter - Wells Fargo
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Wells Fargo analyst, Gray Powell, reiterated his Outperform rating on shares of Proofpoint (NASDAQ: PFPT) and upped his valuation range to $88 - $94 from $84 - $89 after the company reported outstanding Q3 results with 9% upside on billings and a 6% revenue beat.
The company also demonstrated a continued improvement in profitability with all of the revenue upside flowing to the operating income line. In fact, the 10.6% operating margin represented an all-time company record.
At the midpoint of Q4 guidance, PFPT expects: billings $134.5MM, revenue of $104MM and EPS of $0.10-$0.14 vs the Street $0.06 est.
Shares of Proofpoint closed at $69.78 yesterday.
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