UPDATE: Wunderlich Securities Downgrades Symantec Corporation to Hold on Valuation
Wunderlich Securities downgraded Symantec Corporation (NASDAQ: SYMC) from Buy to Hold and raised the price target from $19.00 to $22.00.
Wunderlich Securities said, "We walk away from Symantec's (SYMC) strategic plan with increased confidence management is putting the proper mechanisms into place to drive a successful turnaround. That said, we view this endeavor as only just having begun and believe an optimal result will require significant time and effort going forward, and, in our opinion, likely to temper growth during interim periods. While we applaud management's plans to streamline operations, integrate products, become more solution-oriented, and return cash to shareholders, we believe the market has recently priced an appropriate multiple into the stock and, as such, view shares as fully valued."
Symantec Corporation closed at $21.46 on Wednesday.
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Tags: Wunderlich Securities