J.P. Morgan Raises PT On SYMC To $26

J.P. Morgan has raised its price target on Symantec SYMC from $24 to $26 based upon F4Q11 results. Says J.P. Morgan, in its report, “SYMC exceeded F4Q11 expectations on strong enterprise storage bookings and better-than-expected performance of recent acquisitions. Most of the outperformance on the top line did not make it to the bottom line given commission payments on bookings that will be recognized as revenue in the future, boding well for future margins. It also issued F1Q12 guidance above estimates.” J.P. Morgan maintains an Overweight rating on the stock. SYMC closed yesterday at $19.41.