Gen Digital initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Gen Digital (GEN) with an Equal Weight rating and $22 price target While the firm believes core cyber safety can continue to grow at least low single-digits over the near-to-mid-term, while the MoneyLion acquisition potentially improves the near-term growth profile, it also sees the latter opening the door for questions on scope creep and presenting integration risk that is “hard to dismiss” in the near-term.