Symantec Corp. Downgraded to Underweight at Morgan Stanley (SYMC)
Symantec Corp. (NASDAQ:SYMC) was downgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report released on Monday, TheFlyOnTheWall.com reports. They currently have a $21.00 price target on the stock. Morgan Stanley’s target price points to a potential downside of 5.41% from the company’s current price.
The analysts wrote, “With the sales teams not fully rebuilt for at least the next 2-3 quarters, we believe the pipe will be slower to build and channel conversations suggest more limited opportunities for upside surprises in billings with current offerings,” the report noted. “In addition, the number of recent management transitions, including the departure of President of Product & Services Francis deSouza, reduces our confidence in strong (and rapid) execution on the difficult task of revamping Symantec’s product strategy to drive better top-line growth.”
Symantec Corp. (NASDAQ:SYMC) traded down 5.41% on Monday, hitting $22.20. The stock had a trading volume of 13,523,675 shares. Symantec Corp. has a 52 week low of $20.13 and a 52 week high of $27.10. The stock’s 50-day moving average is $22.85 and its 200-day moving average is $24.16. The company has a market cap of $15.452 billion and a P/E ratio of 20.41.
Several other analysts have also recently commented on the stock. Analysts at Thomson Reuters/Verus upgraded shares of Symantec Corp. from a “sell” rating to a “hold” rating in a research note to investors on Tuesday, December 24th. Separately, analysts at BMO Capital Markets initiated coverage on shares of Symantec Corp. in a research note to investors on Thursday, December 19th. They set a “market perform” rating and a $24.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Symantec Corp. in a research note to investors on Friday, December 13th. They now have a $23.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $26.48.
Symantec Corporation is a global provider of security, storage, and systems management solutions that help businesses and consumers secure and manage their information.
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