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UBS Raise Price Target on Symantec (SYMC) on Dramatic EPS Growth

March 20, 2013 12:52 PM EDT Send to a Friend
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Price: $24.59 +0.37%

Rating Summary:
    8 Buy, 26 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 11 | New: 43
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UBS raised its price target on Buy-rated Symantec (NASDAQ: SYMC) from $24 to $28 citing accelerating earnings growth.

While CEO Steve Bennett's vision has revalued the stock from a depressed 7.7x NTM EPS to 13.4x, the firm sees even more upside ahead give dramatic earnings growth acceleration over the next 3 years. Specifically, the firm sees EPS growth surging from 7% EPS in calendar 2012, to 19% in 2014 and 18% in 2015.

"Given that growth profile we believe our prior 11x target multiple is too conservative and we are raising our PT to $28 reflecting a target multiple of 13x which equates to 1.0x PEG on est’d average EPS growth in CY13/14. 1.0x PEG is appropriate given tepid 3% est’d revs growth," the analyst said.

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 $24.22 yesterday.

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