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Pro Analysis

Buy Symantec, future cybersecurity king: Analyst

Symantec headquarters in Mountain View, Calif.
Tony Avelar | Bloomberg | Getty Images
Symantec headquarters in Mountain View, Calif.

Guggenheim Securities initiated Symantec with a buy rating on Thursday, citing a strong franchise, attractive valuation and positive catalysts from the recent acquisition of Blue Coat Systems.

"Symantec is one of few vendors in security to surpass $1 billion in annual revenue, with a strong presence across consumer and enterprise markets," wrote equity analyst Ryan Hutchinson, naming the cybersecurity company as the "future king" in the space.

"While M&A integration, a lack of strategic coherence, and executive turnover have caused Symantec to stumble over the past decade, we believe the company has finally turned the corner," Hutchinson predicts.