Wedbush analyst Steve Koenig said he is constructive on the competitive dynamics for Proofpoint (PFPT) given Symantec's sale of its Enterprise Security assets to Broadcom (AVGO), which has publicly announced plans to focus on core products and not email security. He believes initial FY20 guidance accompanying the company's upcoming Q3 report shouldn't be worse than current consensus estimates, but likely will be "typically conservative," which he thinks would leave the company with some room to improve from there. Koenig reiterates an Outperform rating and $140 price target on Proofpoint shares.