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Fly News Breaks for December 4, 2015
PFPT
Dec 4, 2015 | 06:27 EDT
Deutsche Bank analyst Imtiaz Koujalgi says he remains positive on shares of Proofpoint after Muddy Waters presented a short thesis yesterday at an investment conference. The short thesis is driven by concerns about Proofpoint's addressable market, growth momentum and competitive landscape, Koujalgi tells investors in a research note. The Secure Email market is a $2B opportunity and gives Proofpoint "a long runway for growth," the analyst argues. Further, his channel checks indicate the company's competitive positioning "remains very favorable." The analyst reiterates a Buy rating on Proofpoint with a $72 price target. The stock dropped 4% yesterday to $69.78. Analysts at Wells Fargo yesterday said the Muddy Waters report contained "all noise" and "no substance."
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