Symantec (SYMC) PT Raised to $27 at Piper Jaffray on Solid Q1, Outlook
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Piper Jaffray analyst Andrew Nowinski reiterated an Overweight rating and raised his price target on Symantec (NASDAQ: SYMC) to $27.00 (from $24.00) following solid Q1 results and guidance.
Nowinski commented, "Symantec reported solid FQ1(Jun) results, solidly exceeding the consensus estimates for revenue, OM and EPS. The Enterprise Security segment drove the upside, modestly exceeding the high-end of guidance. Management also said Blue Coat’s July qtr results were ahead of expectations, suggesting the acquisition has not caused any disruption. Looking ahead, we believe Symantec now has a formidable enterprise security portfolio which should drive revenue growth acceleration and margin expansion. The consumer segment also has a number of upcoming catalysts that can put an end to the revenue declines in that segment. Therefore, we reiterate our Overweight rating and raise our price target to $27 (prev $24)."
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 EntitiesPiper Jaffray, Definitive Agreement
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