Friedman Billings cuts Symantec (SYMC) as they believe the risk/reward is no longer attractive and the economy is too weak for more than modest returns:
At current levels, Symantec’s valuation represents a more neutral risk/reward ratio, in our opinion. With shares up 25% year-to-date and some potential macro headwinds ahead that could temper near-term growth expectations, we see modest share appreciation over the coming quarters.
Friedman Billings cuts Symantec (SYMC) from Outperform to MARKET PERFORM, target price $23.
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