Symantec (SYMC): EPS Blowout on Cost Savings and Merger Benefits - Wells Fargo
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesWells Fargo, Definitive Agreement
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