Research Alert: CFRA Maintains Hold Opinion On Shares Of Nortonlifelock Inc.
05:50 PM EDT, 05/11/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We keep our 12-month target price at $25, applying an EV/EBITDA multiple of 11.9x to our FY 22 (Mar.) estimate, comparable to its ten-year historical average multiple at 11.6x, reflecting recent strong results and the $1.5 billion expansion to its share repurchase program. We raise our FY 22 EPS estimate by $0.07 to $1.67 and set FY 23's at $1.82. NLOK reported Mar-Q operating EPS of $0.40 vs. $0.26, $0.02 above the consensus. Mar-Q revenue increased 11%, supported by strong growth in international markets and contributions from the Avira acquisition. NLOK's direct customer count was up 2.8 million, or 13%, which includes 1.6 million customers from Avira, while direct average revenue per user expanded 1% and retention remained stable at 85%. We expect NLOK will continue to perform well, with growth aided by additional market expansion and increased spending on marketing.