Imperial Capital Raises Price Target On Proofpoint Following Solid 4Q14 Results

In a report published Monday, Imperial Capital analyst Michael Kim reiterated an In-Line rating on Proofpoint (NASDAQ: PFPT), and raised the price target from $48.00 to $50.00.

In the report, Imperial Capital noted, “We are maintaining our In-Line rating on PFPT shares and raising our one-year price target to $50 from $48 based on comparative valuation. Our price target is about 0% above the recent share price. PFPT achieved continued strong growth in 4Q14, highlighting the company's favorable competitive position, ramping enterprise demand for advanced security solutions, and management's consistent execution. Of particular note, Targeted Attack Protection (TAP) again grew over 100% in 4Q14, with a number of large enterprises deploying both TAP and protection solutions, representing a key growth driver.”

Proofpoint closed on Friday at $50.00.