UPDATE: Wedbush Initiates Proofpoint at Neutral on SaaS Security Being The Future

In a report published on Tuesday, Wedbush analyst Sanjit Singh initiated coverage on Proofpoint PFPT with a Neutral rating and $26 price target.

In the report, Wedbush stated, "Initiating coverage with a NEUTRAL rating and a $26 12-month price target as NEUTRAL we believe the recent rise in the share price generally reflects the positive trends in the business which include: 1) strong demand for its SaaS-based email security and data solutions, 2) ongoing share gains from Cisco and 12-Month Price Target Google, 3) low exposure to weak areas of IT spending such as Europe and
U.S. federal, and 4) a significant cross-sell opportunity within its 2,700+ customer base."

Proofpoint closed on Tuesday at $23.57.