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Fly News Breaks for November 5, 2019
SYMC
Nov 5, 2019 | 05:40 EDT
UBS analyst Fatima Boolani upgraded Symantec to Buy from Neutral with a price target of $27, up from $23. The analyst now has higher conviction in management's $1.50-plus earnings power and $900M-plus free cash flow expectations for the Consumer business and views the ~3% dividend yield following the Enterprise business divestiture as attractive. The market has overlooked the "steadiness" of the "RemainCo" Consumer franchise, Boolani tells investors in a research note. With the Enterprise divestiture now closed and upcoming an earnings report coming on November 7, Boolani sees catalysts for investors to revisit a "cleaner, more profitable, and more focused business at an attractive multiple."
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