Proofpoint (PFPT) Still the Name to Own Following Q3 Results; BTIG Affirms at 'Buy'
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BTIG affirms Proofpoint (Nasdaq: PFPT) at Buy with a price target of $32 following solid Q3 results on Thursday night.
Analyst Joel P. Fishbein commented today:
Proofpoint posted another strong beat and raise quarter. All metrics beat across the board and revenue was particularly impressive growing 44% y/y (vs. Street’s 36% y/y). The quarter was further evidence that Proofpoint’s secular backdrop is increasingly favorable, with no macro issues, a benign competitive environment and continued enterprise transition to Office 365. Moreover, the cross-sell opportunity is trending well (emerging products grew over 50% in the quarter), while the McAfee transition and other ecosystem partnerships are beginning to contribute to the top line. Strong execution again this quarter is a big step towards the 2020 goals of $1 billion in revenues and 14% operating margin, and we see numerous catalysts that should make these achievable.
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