Oppenheimer Upgrades Symantec (SYMC) to Outperform
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Oppenheimer upgraded Symantec (NASDAQ: SYMC) from Perform to Outperform with a price target of $28.00.
Analyst Shaul Eyal commented, "We are upgrading the shares of SYMC from Perform to Outperform and assigning a PT of $28 (16X FY18 EPS of $1.75). Our upgrade is based on:: 1) The completion of the $4.7B Bluecoat acquisition quickly shifts SYMC into leadership positions in several categories of the broader security arena (end-point, CASB, ATP), expanding TAM by ~$7B; 2) In addition to SYMC's prior $400M restructuring plan, we envision ~$155M in additional cost savings, yielding FY18 EPS of $1.75 (vs. our prior $1.19 estimate); 3) Ongoing signs of consistent execution, as indicated by solid F1Q17 results; 4) Ongoing solid cash generation supporting SYMC's prior $5.5B capital allocation plan (buyback & ~2.8% dividend yield); and 5) Reasonable target valuation of 16X FY18 EPS and 13.2X EV/FY18 FCF."
Shares of Symantec closed at $21.03 yesterday.
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