UPDATE: Sterne Agee Upgrades Proofpoint On Multiple Positive Factors

In a report published Monday, Sterne Agee analyst Robert Breza upgraded the rating on Proofpoint (NASDAQ: PFPT) from Neutral to Buy, and raised the price target from $35.00 to $40.00.

In the report, Sterne Agee noted, “PFPT is leveraging its SaaS platform to disrupt the security industry while continuing to expand its product offering and strengthening its sales efforts. Based on its new product offering and the resulting growth in the addressable opportunities that we estimate to be around $7B, we are upgrading the stock to a Buy rating and increasing our price target to $40 from $35.”

Proofpoint closed on Friday at $31.92.