UPDATE: Bank of America Merrill Lynch Initiates Coverage on LifeLock with Buy Rating, $12 PO

In a report published Wednesday, Bank of America Merrill Lynch initiated coverage on LifeLock

with a Buy rating and $12.00 price objective. BofA Merrill Lynch noted, “LifeLock, with ID Analytics, is well positioned to grow in consumer subscriber base and target enterprise partnerships to tap new revenue sources. In addition, a mix shift to higher price Ultimate offering combined with improving renewal rates should help the company increase ARPU and drive profitability higher.” LifeLock closed on Tuesday at $7.00.