UPDATE: Goldman Sachs Initiates LifeLock at Buy on Growth Expectations

Goldman Sachs initiated coverage on LifeLock

with a Buy rating and a $12 price target. Goldman Sachs commented, "We initiate coverage of LifeLock with a Buy rating, anticipating 71% appreciation in 12 months as investors gain confidence in its growth. We forecast 25%-plus organic growth this year as more consumers subscribe to identity protection services. LifeLock's 2.3mn member base is a small fraction of the opportunity (less than 5% of the 45mn credit monitoring market) and we expect the market to shift to broader identity protection. Demand should rise on a worsening threat environment that has evolved beyond credit. Consumers are increasingly aware that their exposure to identity theft is growing with the explosion of personal information online." LifeLock closed at $7.00 on Friday.