Analyst Reiterates McAfee (MFE) as Top Pick

November 26, 2008 11:44 AM EST

Broadpoint.AmTech reiterates its Buy rating and $34 price target on McAfee (NYSE: MFE). Also, the firm still has McAfee as its "Top Pick", citing positive trends in the security sector.

Given the firm's expectations for "unprecedented growth in attack volume (up 300% year-over-year), increasing sophistication as professional crime organizations become involved, and a trend toward identity and data theft with real financial consequences", Broadpoint.AmTech believes the security sector will be one of the best-performing segments in software over the next several years.

As McAfee is "gaining share and showing excellent execution...", Broadpoint.AmTech believes the company will lead the pack amid a "rising tide floating all the major security vendor boats..."

With shares of McAfee trading up more than 5% to $29.80 today, the firm's $34 price target represents potential upside of about 14% from current levels.

McAfee, Inc. operates as a security technology company that secures systems and networks from known and unknown threats worldwide.

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