Goldman Sachs analyst Gabriela Borges upgraded Proofpoint (PFPT) to Neutral and raised her price target for the shares to $112 from $84. The analyst admits being wrong on the stock, as the shares are up 60% since her March 23, 2017 downgrade. Proofpoint's pace of share gain in email security has remained strong despite incremental investment from competitors such as Cisco (CSCO) and Symantec (SYMC), Borges tells investors in a research note. She believes the company's expanded portfolio will likely drive 30%-plus growth for longer. Borges' new price target implies 5% downside in the shares.