Bank Of America Upgrades Symantec To Neutral

According to Bank of America, Symantec SYMC is upgraded to Neutral. Bank of America said that it is upgrading SYMC to Neutral from UP. “Our PO goes to $22 (from $18) based on a wtd avg of CY11e EV/Rec revs, EV/FCF, and EV/E at a discount to comps given its slower organic growth (est ~5%). SYMC stock had appreciated in anticipation of a break-up of storage and security. Our UP was based on thesis that SYMC will not break up and we maintain that belief. But with product cycle momentum, +ve forward indicators and potential benefit from macro we believe that our original thesis of SYMC's turnaround under CEO Salem is playing out.” Symantec closed yesterday at $19.41.