UPDATE: Morgan Stanley Upgrades Symantec to Overweight on Attractive Risk/Reward
Morgan Stanley upgraded Symantec Corporation (NASDAQ: SYMC) from Equal-weight to Overweight and announced a $25.00 price target.
Morgan Stanley commented, "SYMC has the potential to substantially improve margins, increase capital distribution and modestly improve rev. growth (even with some headwinds). The Jan 23rd strategic update event may not be a positive catalyst itself, but we expect mgmt to set a low bar and think cons. EPS will prove 5-10% too low. Our CY14 EPS est. moves to $2.11 vs. cons. at $1.95, as confidence in the new mgmt's ability to improve operational efficiency rises. With continued share repurchases, we see mid teens EPS growth over the next two years — even if the top line doesn't accelerate."
Symantec closed at $19.91 on Monday.
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