Morgan Stanley downgrades Symantec (NASDAQ:SYMC) to Underweight
- Cuts software company’s rating on increased competition in core markets
- New Wall Street-low target of $14 set
- Shares slip 4.6%, set to open at $18.33
Symantec (NASDAQ:SYMC) shares retreated 4.6% on Tuesday after Morgan Stanley turned bearish on the possibility of lost market share in web security and endpoint security.
The bank revised its rating lower from Equal-Weight to Underweight and shaved $9 off a new $14 price target. Analysts believe “increased competition and management turnover represent risks to Symantec’s turnaround” and pointed to a CSO survey as evidence that market share may be surrendered.