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Fly News Breaks for January 13, 2020
Jan 13, 2020 | 07:10 EDT
Morgan Stanley analyst Melissa Franchi downgraded Proofpoint to Equal Weight from Overweight with a price target of $137, down from $146. The analyst, who views Proofpoint a "best in class security asset," sees "more muted" upside in 2020 as email security gains mature and renewal growth moderates after a slower 2019. While market share gains from Symantec present an opportunity, they are now likely over the near-term, Franchi tells investors in a research note.
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