UPDATE: Citi Raises PT on Symantec to $24 (SYMC)

Citi is out with its report today on Symantec SYMC, raising its PT from $22 to $24. In a note to clients, Citi writes, "Our thesis has been based on margin improvements as M&A dilution subsides and PC OEM fees come in lower. Also we believe stabilization and slight growth in shares can drive multiple higher (although we expect it will remain at a discount to the group). We don't believe investors should be dissuaded by 4Q11 margins as we expect improvements to continue in FY12. Our price target rises to $24, as we apply a 15x PE multiple to a higher CY11 EPS estimate of $1.58." Citi maintains Buy on SYMC. Shares of SYMC closed Wednesday at $19.41, down 0.77% from Tuesday's close.