Ives maintained his "market perform" rating on Symantec, but lowered his price target to $22 from $26.
"Although we believe the changes being made are good for the long term, we believe it is going to take some time for the various changes to potentially result in improved organic growth," wrote Todd Weller, an analyst at Stifel Nicolaus, in a note. "Given what we view as continued transition risk and a hazy near-term outlook, we believe the prudent tack is to remain on the sidelines."
Weller maintained his 'hold' rating on Symantec's shares.
--Written by James Rogers in New York.Follow @jamesjrogers >Contact by Email.
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