UPDATE: Dougherty & Co Downgrades LifeLock (LOCK) to Neutral

(Updated - July 30, 2015 9:45 AM EDT)

Dougherty & Co downgraded LifeLock (NYSE: LOCK) from Buy to Neutral and removed its price target (prior $22.00). Analyst Joe Maxa noted uncertainties related to the FTC lawsuit.

"Though LOCK posted a solid quarter and reduced its FY15 guidance modestly related to the FTC lawsuit, we are moving to the sidelines given the potential scale of the lawsuit which includes the FTC looking for full consumer redress in the "hundreds of millions of dollars" and in which its findings could "unduly damage the company's long-term reputation." Specific details were not provided, but LOCK "materially disagrees with the FTC's proposed findings" and is hopeful the case will be resolved in less than one year," said Maxa.

For an analyst ratings summary and ratings history on LifeLock click here. For more ratings news on LifeLock click here.

Shares of LifeLock closed at $8.57 yesterday.

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