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Fly News Breaks for April 24, 2018
PFPT
Apr 24, 2018 | 08:24 EDT
Needham analyst Alex Henderson raised his price target on Proofpoint to $138 and kept his Buy rating after his week at the RSA Security Conference that reinforced the trends of strengthening demand, increased security spending amid digital transformation, and boards becoming more engaged around data breach risks and upcoming GDPR data protection regulations. Henderson says the "rising tide" of stronger security spending should drive more "beat and raise" quarters for the company and its premium valuation is "richly deserved" based on the "combination of strong growth, expanding margins, and improving cash flows".
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