UPDATE: Bank of America Initiates LifeLock at Buy on Addressable Market Opportunity

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Bank of America initiated coverage on LifeLock (NYSE: LOCK) with a Buy rating and a $12 price objective. Bank of America noted, "Though it operates in a market crowded with credit protection providers, credit accounts for only 20% of overall identity fraud. LifeLock surpasses much of the competition by safeguarding individual identity, not just credit profile, in our view. LifeLock has 2.3mn subscribers. We conservatively estimate the total addressable market to be at least 7-8x larger at 17mn U.S. households earning more than $100k, allowing ample room for growth."LifeLock closed at $7.75 on Friday.

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