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Stock Market & Financial Investment News

News Breaks
May 20, 2014
12:54 EDTLOCKLifeLock analysts divided following removal of app
Analysts were divided on the outlook for LifeLock (LOCK) in notes to investors earlier today as Goldman Sachs downgraded the stock while Deutsche Bank wrote that the sell-off in the shares yesterday has created a buying opportunity. BEARISH TAKE: After LifeLock on Friday disclosed that its LifeLock Wallet mobile application was not compliant with the PCI security standard and the company removed the application, Goldman Sachs analyst Greg Dunham downgraded the stock to Neutral from Buy. The analyst lowered his estimates for the company in the wake of Friday's news. More customers are likely to drop LifeLock and fewer customers are likely to be added following the disclosure, Dunham predicted. Additionally, LifeLock's management could become distracted by regulatory and litigation issues, he forecast. The analyst cut his price target on the shares in half, to $12.50 from $25. BULLISH TAKE: The overall effect of the news on LifeLock will be limited, since identity theft is still a significant issue for consumers, and LifeLock's main product was not affected by the news, Deutsche Bank analyst Nandan Amladi stated. Moreover, none of the company's data was compromised, added Amladi, who recommended that investors buy LifeLock's stock following its sharp decline yesterday. Amladi did, however, add that investor sentiment towards LifeLock could be negatively affected by the news in the near-term. He reiterated a $30 price target and Buy rating on the shares. PRICE ACTION: In early afternoon trading, LifeLock was little changed at $10.70.
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September 19, 2014
06:49 EDTLOCKMitek Systems announces departure of Chief Marketing Officer Scott Carter
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