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In a report published Monday, analysts at Jeffries upgraded Symantec Corporation (NASDAQ: SYMC) from Underperform to Hold. The price target was also raised from $20 to $21. Apart from the absence of negative catalysts for the company until late July, the outlook for Veritas is also better than expected.
Any potential downside risk to the stock is likely to be mitigated by the upside from the sale of Veritas. The company's FY17 growth guidance is higher than the street consensus. "This bucks the trend of several years of share losses, and is backed by more credible product vision than we've heard in some time," the analysts said.
Symnatec's storage segment has now been cut down to a smaller and more stable business, which is bolstered by the strength in the purpose built appliances and data protection businesses. The company has also disclosed that Veritas' taxable basis is less than $1 billion.
"We increase our Veritas value from $4.7bn to $6.8bn in our SOTP, and see scenarios yielding upwards of $10bn in a sale financed with 40% debt," the analysts added.
Latest Ratings for SYMC
Date | Firm | Action | From | To |
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Apr 2015 | Jefferies | Upgrades | Underperform | Hold | Mar 2015 | Standpoint Research | Upgrades | Hold | Buy | Jan 2015 | Barclays | Maintains | | Equal-weight |
View More Analyst Ratings for SYMC
View the Latest Analyst Ratings
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SYMANTEC is a exploration company based in United states of america. SYMANTEC is listed in United States of America. Its market capitalisation is US$ 14.7 billions as of today (€ 13.2 billions). Its stock quote reached its lowest recent point on October 09, 1992 at US$ 0.75, and its highest recent level on November 04, 2019 at US$ 23.75. SYMANTEC has 618 830 016 shares outstanding. |