BofA Securities Double Upgrades NortonLifelock (NLOK) to Buy
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(Updated - May 12, 2021 6:55 AM EDT)
BofA Securities analyst Tal Liani upgraded NortonLifelock (NASDAQ: NLOK) from Underperform to Buy with a price target of $30.00 (from $19.00).
The analyst comments "We are double upgrading NortonLifelock to a Buy from Underperform. We were previously concerned about low growth and weak sales channels, yet the company demonstrated improvements on multiple fronts such as better growth, which was directly correlated with the solid execution of management’s strategy combined with high margin and cash flow generation, all of which are driving our double upgrade. With 50bn+ connected devices globally and a low penetration rate, we believe the consumer security market may experience a growth renaissance in the coming few years, which is mostly a function of greater awareness around the need for consumer security solutions."
Shares of NortonLifelock closed at $23.35 yesterday.
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