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UPDATE: Oppenheimer Downgrades Symantec (SYMC) to Perform; Becoming a 'Show-Me' Story

March 20, 2013 7:33 AM EDT Send to a Friend
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Price: $24.24 -0.57%

Rating Summary:
    9 Buy, 25 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 11 | New: 20
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(Updated - March 20, 2013 8:28 AM EDT)

Oppenheimer downgraded Symantec (NASDAQ: SYMC) from Outperform to Perform saying the stock is running out of catalysts and is becoming a "show-me" story.

"We are downgrading SYMC to Perform from Outperform, removing our PT and leaving estimates unchanged," analyst Shaul Eyal notes. "We are not making a call on SYMC's quarter or outlook; our change is based on SYMC approaching our prior PT of $25. On 3/19, SYMC closed $0.78, or 3%, below our PT, and NT upside becomes relatively limited as catalysts (new CEO + strategy, dividend) have played their course for now. With the above in mind and a 65.8% run over the past ~8 months, SYMC is becoming a show-me story with a heightened focus on execution. While Steve Bennett has shown solid execution since becoming CEO in July, we believe any future missteps could bring the bears back. Currently, we prefer stepping to the sidelines."

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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