Jefferies Initiates Coverage On SYMC

Jefferies is initiating coverage on Symantec SYMC with a Buy rating and a price target of $23. In its report, Jefferies writes, “We are initiating on Symantec with a Buy rating as the company should see an acceleration in aggregate revenue growth with margin expansion. Symantec is also at the forefront of the mobile opportunity within its highly profitable Consumer franchise which should bring a multi-year growth tail and earnings upside. When coupled with a discount valuation, we believe the risk-reward remains favorable and we are initiating with a Buy.” SYMC closed at $16.78 yesterday.