Summit Redstone Resumes Coverage on Proofpoint (PFPT) at Buy - $90 PT
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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."
Shares of Proofpoint closed at $76.10 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Tiffany & Co. (TIF) to Market Perform; Demand Trends Stabilizing
- UPDATE: Baird Starts Independence Realty Trust (IRT) at Outperform
- Ladenburg Thalmann Starts Innovative Industrial Properties (IIPR) at Buy
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesSrini Nandury
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!