UPDATE: Canaccord Genuity Initiates LifeLock to Buy; Growth at Discount Valuation

Canaccord Genuity initiated coverage on LifeLock

with a Buy rating and an $11 price target. Canaccord Genuity said, "LifeLock is the identity theft protection market's leading brand with nearly 2.3 million subscription members, $230M in trailing revenues, and mid-20% organic growth. The firm is attacking a large market – roughly 12M reported identity frauds per year – with a predictable and leverageable model. LifeLock has a budding opportunity in the enterprise market, adjacent areas of expansion in consumer, and seemingly attainable growth forecasts. As LOCK builds its track record of execution, we believe shares will see a gradual multiple expansion that drives the stock into the low double digits." LifeLock closed at $7.00 on Friday.