Needham analyst Alex Henderson raised his price target on Proofpoint to $135 and kept his Buy rating, saying the stock remains "undervalued" at an implied 38% discount to its cloud SaaS comp group despite offering comparable to peers growth rate and above-average operating margins. The analyst also notes that the company remains "in the early stages of moving to the cloud" and believes that the management has done a "good job" of expanding its product suite. With 17 unique services and subscriptions, Henderson states that Proofpoint offers "the most complete email security product line".