Gen Digital downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Saket Kalia downgraded Gen Digital to Equal Weight from Overweight with a price target of $25, down from $28. Almost all of the company’s’ subscriber growth is currently coming from lower-revenue subscribers like Avast, Avira, and Mobile, the analyst tells investors in a research note. The firm believes Gen’s average revenue per user headwind that started last quarter will likely last into fiscal 2025. The Street “may be a tad high” on the company’s fiscal 2025 revenue at 3.5% growth versus Barclays’ 2.6%, the analyst tells investors in a research note.