- Baird upgrades NortonLifeLock (NASDAQ:NLOK) from Neutral to Outperform, citing the cut costs and net customer count improvements since selling the enterprise security business to Broadcom.
- Analyst Jonathan Ruykhaver notes the two consecutive quarters of net customer growth, which followed the loss of 1.1M customers over two years.
- The analyst says the early "signs of success in customer count suggest there has been demand for consumer security solutions that the old Symantec was simply not invested in capturing."
- Ruykhaver sees the potential for improved growth due to the "strong financial model" and a "renewed focus on marketing spend.
- Baird raises its NLOK target by a dollar to $25.
- NLOK shares are up 2.2% pre-market to $21.51.