Proofpoint (PFPT): Separating From The Pack - Wedbush
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Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of Proofpoint (NASDAQ: PFPT) and raised his price target to $87 from $83 after the company's 3Q execution demonstrated how the company is separating itself from slower-growing security peers. PFPT is capitalizing on growing awareness of email as the primary front-line attack vector and PFPT’s status as the best-in-class vendor in this space.
The analyst thinks that PFPT has several years of sustainable momentum as it grows the email security market and increases its 10% share.
The analyst stated "we would continue accumulating shares on top line momentum and resulting operating leverage, driven by PFPT’s differentiated technology for business email compromise and dynamic malware analysis, and by the continuing market transition to cloud security and Office 365."
Shares of Proofpoint closed at $69.78 yesterday.
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