Credit Suisse Downgrades Symantec (SYMC) to Neutral (Earlier)

Credit Suisse downgraded Symantec (NASDAQ: SYMC) from Outperform to Neutral earlier and lowered its price target to $25.00 (from $30.00). The downgrade follows news the company sold Veritas to Carlyle Group for $8 billion.

"Although we had estimated that Veritas could be valued near $8.8 billion, we are downgrading Symantec to Neutral from Outperform and reducing our target price from $30 to $25, due to the destruction of shareholder value from the tax liability relative to the previously proposed spin-off, the risk associated with Symantec's use of portions of the proceeds for M&A, and the questions raised about Symantec's core business from such a transaction," analyst Phillip Winslow commented.

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 $22.91 yesterday.

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