Barclays Raises Gen Digital (GEN) Price Target After Strong Earnings Growth

Gen Digital Inc. (NASDAQ:GEN) is one of the most undervalued cybersecurity stocks to buy now. On August 8, Barclays maintained its Equal Weight rating on Gen Digital Inc. (NASDAQ:GEN), while increasing its price target from $32 to $33. The stock was trading at $31.84 as of August 14, after climbing over 10% since its earnings on August 7. The jump leaves an upside of 3.6% according to Barclays.

Gen Digital posted revenue of $1.26 billion, a 30.5% increase, which was mostly as a result of the acquisition of MoneyLion. That said, the company beat analyst estimates of $1.19 billion. The company reported an EPS of $0.64 per share beating estimates of $0.60 per share.

Gen Digital Inc. (NASDAQ:GEN), a leader in consumer cybersecurity, owning brands like Norton, LifeLock and Avast, completed the acquisition of MoneyLion, a digital finance company in April for $1 billion. The acquisition helps Gen Digital access offer tools like credit building and financial management. MoneyLion’s financial tools include sensitive information like personal identifiers, banking data, and credit scores. That is where Gen Digital’s identity theft protection services can add value.

While we acknowledge the potential of GEN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GEN and that has a 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best Battery Technology Stocks to Buy Right Now and 10 Best Military Tech Stocks to Buy Now

Disclosure: None.