UPDATE: Imperial Capital Initiates Proofpoint at Outperform on Strong Market Position

In a report published Wednesday, Imperial Capital analyst Michael Kim initiated coverage on Proofpoint (NASDAQ: PFPT) with an Outperform rating and $33.00 price target.

In the report, Imperial Capital noted, “We are initiating coverage with an Outperform rating and one-year price target of $33, about 14% above the recent share price. We believe PFPT is strongly positioned in the data security market based on its proven cloud platform and integrated suite of protection, privacy, archiving, and governance solutions, with potential upside from new solutions aimed at addressing targeted attacks and advanced malware.”

Proofpoint closed on Tuesday at $28.89.