Shares of Symantec Corp. rocketed 19% in premarket trading Wednesday, putting them on track to open at a 14-month high, after Bloomberg reported late Tuesday that the security software company was in advanced talks to be acquired by Broadcom Inc. . Broadcom shares slumped 3.2%. Wedbush analyst Daniel Ives said he believes if a deal is done it will be in the $26 to $28 a share range, which would be a 18% to 27% premium to Tuesday's closing price of $22.10, and which would value Symantec at $16.1 billion to $17.3 billion. "With Symantec in the midst of coming off a sudden CEO departure, soft results/guidance, and a myriad of company specific/secular headwinds we believe now would be the golden time for the company and its board to finally consider a sale of the business," Ives wrote in a note to clients. For Broadcom, Ives said the company would be doubling down on its software bets following last year's $18 billion buyout of CA Technologies, "which still remains a head scratcher to many." Symantec's stock has rallied 17% year to date and Broadcom shares have advanced 16%, while the ETFMG Prime Cyber Security ETF has run up 19% and the S&P 500 has gained 19%.