The firm also raised the stock's price target to $23 from $22, representing a potential 15% upside from the closing price Friday of $19.58.
The stock was climbing 2.4% to $19.82 on Monday.
The firm admitted that Symantec's execution has been weak and that its competition "remains fierce," but analyst Gregg Moskowitz believes the company's valuation is "too attractive to ignore."
The firm believes that Symantec is going to trim its headcount in the near-term again after an 8% reduction in August 2018.
The stock has faced negative pressure since it announced that CEO Greg Clark resigned and the company provided weaker-than-expected revenue guidance. Board director Richard Hill was named the company's interim CEO.
Symantec said it expects current fiscal-year revenue of $4.75 billion to $4.89 billion, and earnings between 57 cents and 73 cents a share. Analysts were calling for revenue of $4.97 billion and earnings of 56 cents a share.