NortonLifeLock Is a Big Fish in a Murkier Pond; Maintain FVE; Shares Fairly Valued

We think NortonLifeLock is a strong player in the consumer-oriented security space. With offerings ranging from security, identity protection, and privacy, NortonLifeLock has its fingers in many consumer-focused pies. However, as we look at the overall consumer-focused cybersecurity space, we see cutthroat competition, a lack of pricing power, and a lack of evident customer switching costs. With these factors top of mind, we expect NortonLifeLock's future growth prospects to not be in excess of low single digits.