Markets & Finance

WR Hambrecht Cuts Symantec to Hold

WR Hambrecht cut its investment recommendation on Symantec(SYMC) to hold, citing the company's recently announced quarterly results.

Analyst Bob Stimson says that Symantec's non-GAAP earnings per share of 23 cents beat his 22 cents estimate, and consensus of 20 cents, but management provided a tempered fiscal year 2006 outlook, cutting revenue guidance to $5 billion from $5.13 billion and citing weakness in the consumer and enterprise AV segment. He believes guidance shows weakening fundamentals, lingering issues with competition, pricing pressure, and a potential slowdown in market demand trends. He cut his fiscal year 2006 (ending March) earnings per share estimate to 99 cents from $1.02, on $5.01 billion revenue down from $5.12 billion. His fiscal year 2007 earnings per share estimate moves to $1.14 from $1.17, on $5.57 billion revenue down from $5.67 billion. He reduced his stock price target to $23 from $25.

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