Symantec (SYMC): NDR Reveals BlueCoat Revenue Synergies Could Be Extensive And Not In Guidance
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Piper Jaffray analyst, Andrew Nowinski, reiterated his Overweight rating on shares of Symantec (NASDAQ: SYMC) after traveling with management.
The analyst stated "We continue to believe revenue growth will accelerate and operating margin can expand, resulting in long-term earnings growth of 12-14% beyond FY18."
Questions were primarily focused on the BlueCoat acquisition. The primary revenue synergy is expected to be cross-selling Blue Coat’s ProxySG into Symantec’s installed base and cross-selling Symantec’s DLP product into Blue Coat’s installed base. Symantec has over 370,000 enterprise customers, while Blue Coat has over 15,000 enterprise customers. This is key since management’s FY18 EPS guidance of $1.70-$1.80 does NOT assume any impact from these revenue synergies.
price target of $27.00
Shares of Symantec closed at $23.74 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Management Comments
Related EntitiesPiper Jaffray, Earnings, Definitive Agreement
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