UPDATE: Deutsche Bank Raines PT to $21 on Proofpoint Following Quarterly Beat and Guidance Raise

Deutsche Bank reiterated its Buy rating on Proofpoint

and increased its price target from $20 to $21. Deutsche Bank noted, "Beat and raise; Raising PT to $21 - PFPT's Q2'12 numbers came in above street estimates and above the high end of its guidance range. Revenues, EPS and Billings all exceeded expectations. Billings growth was expected to be light this quarter due to a tough comp in Q2'11, but was helped by the early renewal of a seven figure deal that was originally expected to renew in Q3'12. Overall, a solid quarter that demonstrates PFPT's continued leadership in delivering integrated cloud based security solutions. The company's guidance for Q3'12 was ahead of street estimates, and it also raised its FY12 guidance." Proofpoint closed at $14.09 on Tuesday.