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Proofpoint's (PFPT) growth story remains intact. This will be driven by its improved sales strategies and M&A activities fueled by its recent debt issuance. The current valuation offers a balanced risk/reward on an unattractive balance sheet. I will be unwilling to accumulate more shares at this point. I have a price target of $112 with a hold rating.
Demand remains strong, as highlighted by growth in bookings and deferring revenue in the last earnings call. Emails remain one of the strongest attack vectors.