UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Symantec Coporation

In a report published Monday, Citigroup reiterated its Buy rating on Symantec Corporation

, and raised its price target from $21.00 to $23.00. Citigroup noted, “A focus on consumer and SMB would result in divestiture of $2.5B in revenue with capital generated used to buy back stock. This scenario doesn't include any improvements current top-line growth, but would drive operating margins 200bp higher without incremental cost-cutting and with buyback would drive EPS of $2.33 (vs. current $1.73) and a $23 stock price (our new target). Beyond this, if the company could cut OpEx by 5%, EPS goes to $2.78 and stock to $27. Upside to this would be any improvements in execution that come with a more focused business.” Symantec Corporation closed on Friday at $17.28.