Ahead of the Bell: Symantec downgraded

Analyst Daniel Ives cut his rating to "Market Perform" from "Outperform" and his price target to $23 from $24, implying he expects the stock to rise 14 percent over Thursday's $20.20 close.

With shares up more than 25 percent so far this year, and a "modestly slowing macroeconomic environment," the stock's growth could be tempered near term, he said.

"Although we remain big fans of the Symantec story over the long term and believe a strong product cycle represents a potential growth catalyst for (fiscal 2009), we believe Symantec's valuation represents a more neutral risk/reward ratio at current levels," Ives said in a note to clients.

A company representative was not immediately available for comment.