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UBS Lowers PT & Estimates on Symantec (SYMC) as Execution Streak Ends; Still See Value

May 3, 2012 1:41 PM EDT Send to a Friend
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Price: $24.19 -0.41%

Rating Summary:
    9 Buy, 25 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 4
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UBS maintains a 'Buy' on Symantec (NASDAQ: SYMC) price target lowered from $21 to $19.

Analyst, Brent Thill, said, "SYMC ended FY12 on a sour note as fewer big license deals (weakness in Storage) caused a top/bottom-line miss which overshadowed a solid bookings quarter that met our estimate as revenue continues to shift towards subscriptions. Missing a FQ4 is hard to accept so we are lowering our target multiple and PT to $19 factoring in renewed execution uncertainties. However for value-oriented investors software stocks trading under 2x EV/sales (SYMC 1.6x) have historically been sound investments and we estimate a theoretical SOTP valuation at $20-$26."

Q1 cut fom $0.44 to $0.39, FY13 EPS estimate from $1.82 to $1.72 and FY14 from $2.09 to $2.00.

For an analyst ratings summary and ratings history on Symantec click here. For more ratings news on Symantec click here.

Shares of Symantec closed at $16.43 yesterday.




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