UPDATE: JP Morgan Initiates Imperva with Outperform, $31 PT

JP Morgan Initiates coverage on Imperva (NYSE: IMPV) with an Outperform rating and $31 per share

JP Morgan says, "Security attacks up until 2007 focused on the network (layer 3), but attackers are now focusing on the more valuable data within a company. This has created an opportunity to fill a hole left by traditional security solutions, and Imperva is leading the charge to capitalize on this opportunity. ...We believe the total market is roughly $450M, putting Imperva's market share at ~17%. We expect the 20-25% estimated growth to be mainly greenfield and for Imperva to grow faster (30% CAGR 2011-2013E), taking a greater share of the opportunity."

IMPV closed at 25.74 per share on Friday.