UPDATE: Bank of America Reiterates on LifeLock Following Strong 4Q13 Report

In a report published Thursday, Bank of America analyst Kash Rangan reiterated a Buy rating on LifeLock LOCK, and raised the price target from $20.00 to $24.00. In the report, Bank of America noted, “LOCK reported a strong 4Q13 with beats across the board. Quarterly revenue crossed the $100mn mark for the first time at $102mn (+30% Y/Y) vs our / consensus ests of $100mn; however, the real surprise came from the 246k gross new members (GNMs) added during the quarter, far above our est of 194k, and the new members came with a +11% Y/Y ARPU increase and only a +6% increase in CAC. This strength translated into strong FY14 guidance with revenue at $455-465mn (vs. our / consensus ests at $438mn / $446mn).” LifeLock closed on Wednesday at $22.13.