UBS Maintains a 'Buy' on Symantec (SYMC); What Would Bennett Do?

August 2, 2012 3:38 PM EDT
Get Alerts SYMC Hot Sheet
Price: $26.14 --0%

Rating Summary:
    15 Buy, 24 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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UBS maintains a 'Buy' on Symantec (NASDAQ: SYMC) price target of $19.00 (from $18.00).

Analyst, Brent Thill, said, "We're expecting to hear a strategy update from new CEO Steve Bennett mid CQ4. Bennett knows he has a small window to make a lot of progress toward his goal of 'a quantum improve ment in value creation for customers and shareholders'. SYMC will be focused where it has durable advantage in growth markets and operationally SYMC has room for improved process controls and a restructuring."

Thill says investors have questioned on whether SYMC needed a tech visionary as CEO...and he doesn't disagree, but in the near-term, an operational-minded leader can focus on process. Thill estimates the stock is worth $19, but $20-27 looking at sum-of-the-parts, however, he doubts the company will be sold in its entirety.

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 $16.01 yesterday.

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