Proofpoint (PFPT) PT Raised to $79 at Goldman Sachs

Goldman Sachs raised its price target on Proofpoint (NASDAQ: PFPT) to $79.00 (from $76.00) while maintaining a Sell rating.

Analyst Gabriela Borges remains negative noting the next leg of share gain my become harder to come by with lacking incremental investment.

FY 2017 EPS estimate rises from $0.64 to $0.74, FY 2018 EPS estimate remains at $1.00 and FY 2019 EPS estimate rises from $1.20 to $1.40

Valuation:

"Our price target implies 28X 2018E FCF, and 37X 2018E FCF when normalizing for 5 points of outsized stock-based comp."

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