UPDATE: JP Morgan Reiterates Symantec at Overweight on Outlook Past Sales Reorganization

JP Morgan reiterated its Overweight rating and $24 price target on Symantec

based on current valuation and outlook. JP Morgan said "While we believe there is a tremendous amount of untapped potential in SYMC, it remains unclear whether that potential will be realized or simply remain that—unrealized potential. SYMC has been plagued by execution issues and secular concerns for years, but we believe there is ultimately more value in the company than is being recognized in the stock price today. We believe share loss over the last five years has been remedied by addressing past product miscues. But the sales organization remains inefficient, providing opportunity for both revenue growth and margin expansion if this can be improved, in our opinion. We believe SYMC, trading at an 11.0% TTM free cash flow yield (excluding acquisitions), offers a compelling investment opportunity." Symantec closed at $18.62 on Thursday.