Stifel Nicolaus Reiterates Buy, $22 PT on Symantec Corp

In a morning research update, Stifel Nicolaus maintains its Buy rating and $22 price target on Symantec Corporation

as the company sell stake in Huawei Symantec JV for $530M. According to Stifel, “Symantec announced an agreement to sell its 49% stake in the Huawei Symantec Technologies JV for $530 million in cash, generating an attractive return on its original $150 million investment made in 2008. We believe this announcement is an incremental positive from a stock perspective. We continue to believe that Symantec has demonstrated improved and more consistent execution over the past several quarters. While we believe valuation remains cheap and the risk/reward is attractive, we continue to believe that improved organic growth is the key to driving significant upside in the stock from current levels.” SYMC closed at $19.94 on Monday.