UPDATE: Stifel Nicolaus Downgrades Symantec Corporation to Hold on Limited Upside

Stifel Nicolaus downgraded Symantec Corporation

from Buy to Hold and removed the price target of $22.00. Stifel Nicolaus noted, "We are downgrading shares of Symantec to Hold from Buy. Our downgrade is based on three key points. First, we believe the recent appreciation in the shares reflects a lot of good news being priced in. Second, we believe the stock has largely been an event driven story over the last several months and feel yesterday's news represented the passing of a key event/catalyst. Finally, although we believe there are reasons to be optimistic about the significant changes at Symantec resulting in positive impacts to its growth profile, we feel the risks associated with significant organizational change will likely lead to incremental buyers operating with a “wait and see” approach near term." Symantec Corporation closed at $21.46 on Wednesday.