Analyst Note: Symantec

NEW YORK - An analyst upgraded shares of security-software maker Symantec Corp. on Monday, saying the stock is poised to gain amid signs the company has improved its product portfolio.

Deutsche Bank analyst Todd Raker upgraded Symantec to "Buy" from "Neutral" and boosted his price target to $19 from $17.

In an investors' note, Raker said Symantec's stock has done worse than shares of other software companies during the past few months as "mediocre" product development and market share losses took their toll. Among large software companies, only CA Inc.'s stock has done worse, Raker said.

That means Symantec shares are now cheap compared with shares of its competitors, he said.

However, Raker said things may be looking up, citing the company's recent performance and broader market conditions.

"After over a year of mixed execution, we see signs that Symantec could be turning the corner," Raker said.

Symantec has improved recent products, such as the latest version of Endpoint Protection, an antivirus product. He said the most recent Backup Exec suite of data protection and recovery products has been well received by customers, according to an internal survey. He also said he he expects a stable to improving outlook for information-technology security spending.

Shares of Cupertino, Calif.-based Symantec slipped 2 cents to $15.68 in morning trading.

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