Join        Login             Stock Quote

Deutsche Bank Reduces PT On Synchronoss Technologies (SNCR) To $45, Reiterates 'Buy'

 May 08, 2012 02:58 PM

Deutsche Bank reduced its price target on shares of Synchronoss Technologies Inc. (NASDAQ:SNCR) to $45 from $47, while reiterating its "Buy" rating on the stock.

The bank noted that SNCR reported a modest beat tonight, delivering $64.9m/$0.26 vs. DB estimate of $64m/$0.24 and Street's $64.2m/$0.25.

Guidance for 2Q was lowered slightly below consensus but FY12 was reiterated, benefiting from $5m-$7m acquired revenue, offset by slower ramp of the new customer support channel at AT&T, DB noted.

Ramping scale at Verizon Wireless (VZ) and resulting gross margins improvement should help boost earnings in 2H12, the bank said.

[Related -T-Mobile US Inc (NYSE:TMUS): AT&T Inc.(NYSE:T) Could Suffer In Wireless War]

The company reduced its outlook for the full year 2012 from its biggest customer AT&T (NYSE: T). The company had cut its revenue expectation from AT&T to 5 – 10 percent growth from lower double digit upside projected earlier. Synchronoss gets about 50 percent of revenue from AT&T.

Bridgewater, New Jersey-based Synchronoss Technologies offers on-demand transaction management services primarily in North America. The company provides services to manage transactions, including device and service procurement, provisioning, activation, intelligent connectivity management, and content synchronization for communications service providers and cable operators/multi-services operators, among others.

[Related -Apple Inc. (NASDAQ:AAPL): China Mobile On Board, But Challenges Remain]

SNCR shares plunged 29.29 percent to trade at $20.02 after hitting a new 52-week low on Tuesday. Over the past year, the stock has been trading between $19.70 and $38.90.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.