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NortonLifeLock boosted at Baird after customer gains

Jun. 08, 2020 8:00 AM ETGen Digital Inc. (GEN) StockGENBy: Brandy Betz, SA News Editor3 Comments
  • 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.

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