Symantec Corporation(NASDAQ:SYMC) Reportedly Being Targeted For Breakup Or Buyout


Symantec Corporation(NASDAQ:SYMC) is being eyed by activist investors for a potential breakup or other changes, and by private equity firms for buyout possibilities, Reuters reported.

The increased outsider interest was apparently sparked by the abrupt departure last month of the security software maker’s CEO, Steve Bennett.

Reuters said ValueAct Capital is among the activist investors taking a look at the company, and that PE firms including Bain Capital, Blackstone Group and Carlyle Group were contemplating leveraged buyout possibilities for all or parts of the company.

Symantec is data storage products in addition to its flagship Norton antivirus software. Reuters estimated the company is worth about $14 billion at its current valuation.

In afternoon trade, SYMC was up 0.24% to $20.65.

Analysts have a consensus price target of Symantec Corporation(NASDAQ:SYMC) which indicates a 17% upside. The consensus rating of the stock is a HOLD with a score of 2.35. There are currently 11 Hold ratings, 2 Sell ratings and 10 Buy ratings on the stock.

A recent analyst action consisted of Barclays downgrading the stock from Overweight to Equal Weight, dropping their price target from $26 to $23.

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