Proofpoint (PFPT) PT Lowered to $117 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the price target on Proofpoint (NASDAQ: PFPT) to $117.00 (from $140.00) while maintaining a Outperform rating.

The analyst commented, "Against mixed sentiment and a lot of moving parts, Proofpoint delivered a solid quarter offset by lower 2019 guidance (could prove conservative) due to several factors that seem short-term in nature and not macro-related. We continue to see several drivers, healthy FCF and an attractive valuation, but lower our target on multiple compression."

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