GEN - Gen Digital rises as Evercore ISI starts coverage with outperform rating

2023-05-19 15:13:42 ET

Gen Digital ( NASDAQ: GEN ) shares rose more than 1.5% on Friday as investment firm Evercore ISI started coverage on the cybersecurity firm with an outperform rating.

Analyst Peter Levine, who also put a per-share price target of $27 on Gen Digital ( GEN ), noted that the company - which used to be known as NortonLifeLock - is not just a consumer anti-virus company, but "the leading consumer cybersecurity platform" with "best of breed" tools for privacy, identity monitoring and device security.

"We believe every employer over time will offer cybersecurity benefits which opens the door for vendors like GEN to be the vendor of choice given they have the full end-to-end platform," Levine wrote in an investor note.

In addition, Levine noted that new channels are starting to materialize outside of the traditional original equipment manufacturers, including employee benefits, insurance companies and internet service providers.

"We view GEN as an interesting value idea for those looking to play the consumer angle of cybersecurity," Levine added.

Gen Digital ( GEN ) reported fourth-quarter results earlier this month that were in-line with consensus estimates.

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