Analyst Michael Kim from Imperial Capital reiterated an Outperform rating on Proofpoint Inc (NASDAQ:PFPT) with a raised price target of $83, marking a 13% increase from current levels.

This rating came after the company reported 2Q earnings that beat revenue estimates by over $5 million and EPS estimates by $0.13. The analyst notes how Proofpoint “continued to exceed [his] growth expectations in 2Q16, capitalizing on the migration to cloud-based solutions and share gains against legacy vendors.” The analyst also states how the company was able to report a positive EPS due to early operating leverage ahead of expectations. Kim also believes that management’s expectations for 2017 are conservative due to “multiple growth drivers, including migrations to Office 365, conversions of larger McAfee customers, higher international expansion, and ramping adoption of emerging products.”

According to TipRanks, Kim has a success rate of 9% with an average loss of 43% per recommendation.