Jefferies Downgrades Symantec (SYMC) to Hold Following CEO Departure

March 21, 2014 7:57 AM EDT Send to a Friend
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Price: $24.82 -0.12%

Rating Summary:
    9 Buy, 25 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 45 | New: 4
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Jefferies downgraded Symantec (NASDAQ: SYMC) from Buy to Hold with a price target of $22.00 (from $29.00) following the surprise CEO termination.

Analyst Aaron Schwartz comments, "Following the abrupt CEO change, uncertainty around the direction and timeline for the next phase of the strategy will grow. The CEO change comes at a time when the implementation of the new strategic direction is still fairly early and follows several other senior management departures. Deterioration in internal morale / execution is a risk and with uncertain strategic and operational direction, it is difficult to recommend the stock and we move to a Hold."

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 $20.91 yesterday.


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