UBS Raise Price Target on Symantec (SYMC) on Dramatic EPS Growth
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Price: $22.85 -0.91%
Rating Summary:
14 Buy, 16 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
14 Buy, 16 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade SYMC Now!
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, with a 52 week range of $13.06-$24.91.
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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, with a 52 week range of $13.06-$24.91.
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