Cowen Highlights Proofpoint (PFPT) As Best Software Idea for 2020

Cowen analyst Nick Yako reiterated an Outperform rating and $135.00 price target on Proofpoint (NASDAQ: PFPT) noting the company is well positioned to capture the rising share of security budgets migrating to cloud-based solutions, which will ultimately enable it to deliver 20%+ rev growth & mid-20% FCF margins FY19-FY24.

The analyst stated "Since early '18, shares have traded sideways despite strength within its end markets and an expanded TAM, which we believe creates an attractive opportunity".

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 $113.67 yesterday.

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