Wunderlich Securities Reiterates Hold and PT of $21 on Symantec Corporation (SYMC)
Wunderlich Securities reiterated its Hold and price target of $21 on Symantec Corporation (NASDAQ: SYMC). In a research report published today, Wunderlich stressed it sees continuing improvements in Symantec's performance.
In the report, Wunderlich states, "While the acquisition of Verisign was a material contributor to y/y revenue growth (+4.3%), we see the 4% organic growth in the quarter as a reflection that Symantec's business is making the slow transition back to growth mode. Additionally, we see numerous tailwinds to EPS expansion in FY12 including lower OEM fees, a weaker dollar, and acquisition accounting. Accordingly, we remain favorably biased toward the name, but continue to monitor for indications of sustainability and acceleration in the company's pace of revenue growth."
In yesterday's trading, Symantec lost 0.77% to close the day at $19.41. Its shares continued to shed value in today's pre-market trading as well, having fallen 0.72% to $19.27.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.