UBS Reiterates Buy on Symantec (SYMC) Following Announced Intentions to Acquire LifeLock (LOCK)

November 21, 2016 10:27 AM EST
Get Alerts SYMC Hot Sheet
Price: $26.65 +0.34%

Rating Summary:
    15 Buy, 24 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UBS reiterated a Buy rating and $28.00 price target on Symantec (NASDAQ: SYMC) following the company's announced intention to acquire LifeLock (NYSE: LOCK) for $2.3B.

Analyst Brent Thill commented, "Today, SYMC announced its intention to acquire LifeLock (LOCK), a provider of consumer ID and fraud protection services, for $2.3B, following initial Bloomberg reports that surfaced on 11/11. The $24/share offer implies a 16% premium to LOCK's closing price on 11/18, a 36% premium to LOCK's unaffected share price at 11/10, and 145% from LOCK's Feb lows. We note activist investor Elliott had accumulated a ~9% stake in Jun and remind investors Elliott was also a stakeholder in SYMC earlier this year."

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 $23.75 yesterday.

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