Gen Digital price target lowered to $29 from $33 at RBC Capital

RBC Capital lowered the firm’s price target on Gen Digital (GEN) to $29 from $33 and keeps a Sector Perform rating on the shares after its Q3 results. The quarter was solid and demonstrated good execution, while the 10% pro-forma and 5% excluding MoneyLion growth rates were impressive and should provide a look at the ongoing growth potential of the combined model, though the firm’s price target cut reflects peer group multiple compression, the analyst tells investors in a research note.