UPDATE: Imperial Capital Downgrades Proofpoint On Valuation
In a report published Thursday, Imperial Capital analyst Michael Kim downgraded the rating on Proofpoint (NASDAQ: PFPT) from Outperform to In-Line, but reiterated the $40.00 price target.
In the report, Imperial Capital noted, “We are downgrading our rating on PFPT shares to In-Line from Outperform based on valuation and maintaining our one-year price target of $40. While we expect continued strong growth and share gains over the coming quarters, we see modest near-term appreciation potential given current valuation multiples. We advise investors to seek a more attractive entry point into the stock or await improved visibility on acceleration of the company's newer offerings, with potential upside from significant archiving opportunities, especially social media compliance.”
Proofpoint closed on Wednesday at $36.78.
Latest Ratings for PFPT
|Jun 2015||Wedbush||Initiates Coverage on||Outperform|
|Jun 2015||Wunderlich||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.