A good Wiki page, giving both sides
The first two issues show the main Cessationist concerns about charismata and reveal the underlying rationale for Cessationism. The sections below describe what kind of disagreements emerge between Cessationism and Continuationism in their respective understandings of the gifts, and further issues then arising from these disagreements. Different understandings of charismata give rise to various tensions in the dispute.
Particularly in the wake of the Pentecostal and charismatic movements, this question has divided Christians into two camps: cessationists (believing that the gifts of healing, prophecy, and tongues have ceased) and non-cessationists. Non-cessationists find no exegetical reason to distinguish some of these gifts and offices from others in terms of their perpetuity. However, cessationists hold that the New Testament itself makes a distinction between the foundation-laying era of the apostles and the era of building the church on their completed foundation (1 Cor 3:10-11). Although the New Testament establishes the offices of pastors/teachers, elders, and deacons, it does not establish perpetual prophetic or apostolic offices with their attendant sign-gifts. With this in mind, we must examine each gift in question.
... concerning Prophets, I have before showed out of Justin Martyr (Dial. cum Tryph. Jud.) that, in his days, their were still some in the church who had an extraordinary gift of prophecy, and such there have been also in other places, and at other times; of which there might be diverse instances given.