UPDATE: Credit Suisse Initiates Outperform on Proofpoint; SaaS Growth

Credit Suisse initiates its coverage on Proofpoint (NASDAQ: PFPT) with a rating of Outperform and a price target of $18 per share.

Credit Suisse notes, "Software-as-a-service has already overcome the initial hurdles of establishing the on-demand model as a viable alternative to the traditional on-premise, license-based solutions. Given that many of the concerns about security, performance, availability, and reliability of on-demand offerings have been addressed, security-asa-service has also begun to make greater inroads into large enterprises, which brings significant opportunity for on-demand security vendors such as Proofpoint."

PFPT closed at $13.54 on Monday.

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