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SYMANTEC STOCK RISES ABOVE MA5 ON RATING UPGRADES - Capital Street FX
Symantec Corp’s stock is currently trading at 19.96-higher by 3.07% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 3.31%. The stock has pared some of its earlier gains after the opening bell.
Investment bank Mizuho Securities upgraded the cybersecurity software maker’s stock to buy from neutral. The bank upgraded the stock’s rating, citing the company’s valuation after the share declined 31% since the beginning of 2018. Mizuho securities also raised its price target on the stock to $23 from $22.
The investment bank believes that the new management team will be much more focused on margin improvement as compared with prior management. Stocks of Symantec have rallied 6% so far this year.
On the technical front, the RSI is currently at 50.69% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 19.94 TAKE PROFIT AT 20.18 STOP LOSS AT 19.82