Symantec (SYMC): EPS Blowout on Cost Savings and Merger Benefits - Wells Fargo
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Wells Fargo analyst, Gray Powell, reiterated his Market Perform rating on shares of Symantec (NASDAQ: SYMC) and raised the valuation range to $23 - $25 from $19 - $21 after SYMC's FQ1’17 report show 1% upside on revenue and a 16% EPS beat on cost efficiency initiatives and some onetime expense benefits. The company’s FY’17 guidance now includes the recently closed Blue Coat acquisition and appears fractionally higher on an organic basis.
SYMC reported revenue of $884MM vs street of $877.4MM, operating income of $253MM vs our street $223.7MM, and EPS of $0.29 vs street est of $0.25. Enterprise security revenue came in at $481MM vs. $472MM street while consumer security came in at $403 vs. our $402 est and $406.5MM street.
Shares of Symantec closed at $21.03 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- New Oriental Education (EDU) PT Raised to $60 at Brean Capital
- FBR Capital Remains Bullish Following Select Income REIT's (SIR) 3Q Miss
- Jefferies Cuts Price Target on Entergy (ETR) to $74 Following new Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesWells Fargo, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!