Bank of America Reiterates Neutral and PT of $22 on Symantec

Bank of America reiterated its Neutral rating on Symantec

. At the same time, Bank of America left its price target on the company's stock unchanged at $22 after a meeting with the company's management. In a research report published today, Bank of America states, "SYMC has benefited from product cycle momentum and shown positive forward indicators as its turnaround under CEO Mr Salem plays out. However, slower consumer PC sales, lack of traction in SMB and pressure from ORCL-Sun present headwinds for its various segments. We reiterate our Neutral rating and our PO of $22 based on a weighted average of CY11e EV/Rec revs, EV/FCF, and EV/E at a discount to comps given its slower organic growth (est ~5%)." On Thursday, Symantec closed the day at $18.80.