UPDATE: Goldman Sachs Downgrades Symantec; Lowers PT

According to a research report published this morning, Goldman Sachs has downgraded Symantec

from Neutral to Sell, and lowered PT from $16 to $14. Goldman Sachs commented in the report, "We downgrade shares of Symantec to Sell from Neutral with 10% downside potential as we expect shares to underperform as investors get increased visibility to worsening margins and cash flows. Secular headwinds in Symantec's core businesses are hampering growth, and the company is transitioning to lower margin, higher growth areas. We see prolonged sluggish organic growth as the stronger areas of the business (DLP, Mobile, etc.) are not large enough to offset mature segments. We also see risks to Symantec's highly profitable consumer business as the recent strength becomes harder to sustain due to increased competition." Symantec closed Friday at $15.45.