Symantec stock gains after Jefferies ends bearish call

Shares of Symantec Corp. are up 2% in premarket trading after the cybersecurity company issued an update to address its recently disclosed internal audit. The company said that the audit concerned some non-GAAP metrics, including those related to executive-compensation programs, but that executives didn't expect the audit to materially change historical financial disclosures. Symantec's stock sank in Friday's session after the company disclosed that its audit committee was looking into claims made by a former employee, but executives declined to answer questions about the situation at the time. Jefferies analyst John DiFucci upgraded his rating on the stock to hold from underperform on Tuesday, following Symantec's update. "It's difficult, if not impossible, to assess what the outcome of this investigation will be, but even if historical numbers change some, we still believe there's a base value that is not far from the current price," he wrote. DiFucci raised his price target to $22 from $20. Shares are down 33% over the past 12 months, while the S&P 500 is up 14%.