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Fly News Breaks for December 10, 2018
SCWX
Dec 10, 2018 | 07:40 EDT
As previously reported, Morgan Stanley analyst Melissa Franchi downgraded Secureworks to Equal Weight from Overweight, calling the company's Q3 report "a step back" following the company's more stable first half results. The quarter was slightly more mixed than the headlines numbers would suggest, contends Franchi, who points to the fact that its 91% revenue retention rate was down from 98% last quarter. The analyst, who also notes that Secureworks shares are up 76% year-to-date, raised her price target on the stock to $17 from $15.
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