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Downgrade Alert for Symantec (SYMC)

By David Diaz

Symantec (NASDAQ:SYMC) was downgraded from Outperform to Market Perform at Raymond James today. The stock closed yesterday at $16.86 on volume of 23.2 million shares, above average daily volume of 7.6 million.

In the past 52 weeks, Symantec share prices have been bracketed by a low of $16.14 and a high of $26.16 and closed yesterday at $16.86, 4% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has slid 0.5%.

Symantec (NASDAQ:SYMC) has potential upside of 39.8% based on a current price of $16.86 and analysts' consensus price target of $23.57. The stock should find initial resistance at its 50-day moving average (MA) of $18.52 and further resistance at its 200-day MA of $20.03.

Symantec Corporation provides security, storage and systems management solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage and control information risks related to security, data protection, storage, compliance and management.

SmarTrend recommended that its subscribers protect gains by selling shares of Symantec on January 19th, 2016 by issuing a Downtrend alert when the shares were trading at $19.49. Since that call, shares of Symantec have fallen 7.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Symantec

Ticker(s): SYMC