Needham & Company Starts Proofpoint (PFPT) at Buy

Needham & Company initiates coverage on Proofpoint (NASDAQ: PFPT) with a Buy rating and a price target of $88.00.

Analsyt Scott Zeller commented, "Proofpoint is a best-in-class security software company which is one of the few security companies still accelerating its revenue growth, despite the "cooling off" of IT security spending following the super-cycle of 2014-15. We believe the growth catalysts for PFPT include: Intel/McAfee, cross-selling of TAP add-on, the MSFT 365 impact, and continued competitive displacements. We believe PFPT, a pure SaaS cloud company, is capable of beating and raising through CY17, despite operating in a mature messaging security market. Initiate at BUY with $88 target."

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 $75.87 yesterday.

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