Symantec (NASDAQ:SYMC) is Back Says FBR

Symantec (NASDAQ:SYMC) had been wavering, as they struggled to recover from the effects of the recession. They seem to have finally gotten legs, says FBR, are now "back on track."

FBR says, "With Symantec benefiting from stability in its storage management business and strength within its other segments (consumer, DLP, backup, etc.), the company was able to post very impressive top-line, deferred revenue/ bookings, and cash flow results for the quarter, an important step in the right direction that will give investors increased confidence that this once derailed recovery story is back on track, in our opinion."

"For F4Q11 (March), we are increasing our revenue and pro forma EPS estimates to $1.60 billion and $0.35 versus our prior estimates of $1.57 billion and $0.34. For FY12, we are increasing our revenue and pro forma EPS estimates to $6.51 billion and $1.52, up from our prior estimates of $6.49 billion and $1.50."

FBR Capital maintains a "Market Perform" rating on Symantec (SYMC), which was trading at $18.52, up $0.72, or 4.06 percent, as of 1:18 PM EST. FBR raised their price target on them from $16 to $18.