Zacks Investment Research downgraded shares of Symantec Corp. (SYMC) from OUTPERFORM to NEUTRAL on April 12, 2013, with a target price of $26.00.
Symantec has delivered decent third-quarter 2013 results with EPS and revenue surpassing the Zacks Consensus Estimates. This is driven by revenue growth across segments and geographies. Symantec continues to enjoy a leading position in the IT security market and the company has a good mobile strategy in place. So, we remain positive about Symantec given its restructuring initiatives (that would boost margins and eventually earnings), the appointment of a new CEO and continued share buybacks. However, new/improved offerings from Kaspersky and McAfee, a dull pc market continues to challenge .We change our recommendation from Outperform to Neutral.
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