Summit Redstone Resumes Coverage on Proofpoint (PFPT) at Buy - $90 PT

August 16, 2016 7:46 AM EDT
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Price: $77.39 +10.91%

Rating Summary:
    25 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Summit Redstone resumes coverage on Proofpoint (NASDAQ: PFPT) with a Buy rating and a price target of $90.00. Summit Redstone expects the company to grow sales ~30+% in 2017 and believes that there is sizeable upsell/cross sell opportunity given that 54% of customers currently use only 1 product, down from 75% when the company went public in 2012.

Analyst Srini Nandury commented, "We are relaunching coverage of Proofpoint (PFPT) with a BUY rating and a $90 PT, 18% upside from the current levels. Proofpoint continues to benefit from the constant barrage of news related to high profile email hacks (latest being DNC and RNC hacks), driving a sense of urgency with CIO/CSOs. Proofpoint solutions for email and social media security, privacy and archiving are considered some of the best in the industry and not surprisingly the company has been taking share from incumbents. PFPT continues to execute well, and has beaten the consensus revenue estimates during each of the last eighteen quarters (by an average of ~5%). PFPT has gradually evolved into a leading cybersecurity platform with interlocking products that protects people, data and brands from threats that emanate from email and social media. Proofpoint solutions can protect against threats delivered either through cloud or mobile devices. Proofpoint solutions are deployed in the cloud, making them cheaper (lower TCO), scalable and easier to deploy than traditional onprem solutions. Proofpoint continues to increase its TAM to adjacent areas such as eDiscovery, Advanced Threat Protection etc. In addition, its continued R&D investments should sustain its edge as an effective security solution for the foreseeable future. Therefore, Proofpoint deserves premium multiple in our coverage universe."

For an analyst ratings summary and ratings history on Proofpoint click here. For more ratings news on Proofpoint click here.

Shares of Proofpoint closed at $76.10 yesterday.

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