UPDATE: Jefferies Raises PT on Symantec Corporation on Earnings Leverage
In a report published Wednesday, Jefferies analyst Aaron Schwartz reiterated a Buy rating on Symantec Corporation (NASDAQ: SYMC), and raised the price target from $25.00 to $28.00.
In the report, Schwartz noted, “With the start of FY14, SYMC is entering the next phase of its turnaround. The near-term will involve more visible operational disruption where cost reduction activities will precede any meaningful revenue growth acceleration. Given valuation has moved closer to fair levels, the stock could be range bound in the near-term, but the earnings leverage longer-term is material and now more tangible, which is the reason for the Buy.”
Symantec Corporation closed on Tuesday at $24.46.
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