Proofpoint (PFPT) PT Raised to $90 at Nomura on Solid Q3
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Nomura Securities analyst Frederick Grieb reiterated a Buy rating and lifted his price target on Proofpoint (NASDAQ: PFPT) to $90.00 (from $84.00) following Q3 results.
Grieb commented, "Proofpoint reported 3Q'16 billings of $124.8mn, 8% above the Street estimate of $115.6mn and up 47% yoy (+40% yoy, adjusted for early renewals). Additionally, the company announced non-GAAP EPS of $0.19 for 3Q '16, well above consensus of $0.05 and guidance of $0.04 to $0.06."
FY16E EPS from $0.10 to $0.30; FY17E EPS from $0.36 to $0.54.
Shares of Proofpoint closed at $69.78 yesterday.
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