Synchronoss Technologies (SNCR) Valuation Range Lifted at Wells Fargo Following Solid Q3
- Wall Street hits record high for third day in a row
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
- Exclusive: Japan's TDK in talks to buy iPhone supplier InvenSense - sources
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Wells Fargo analyst Gray Powell reiterated an Outperform rating and raised his valuation range on Synchronoss Technologies (NASDAQ: SNCR) to $48-50/share from $44-45 following solid Q3 results with strong cloud ramp expected in 2017.
Powell commented, "SNCR reported slightly better than expected Q3 results and guided Q4 ahead of street estimates. Specifically, SNCR exceeded street Q3 revenue and EPS ests by almost 2%. In addition, Q4 revenue guidance was 1.5% and EPS was 4% above street forecasts. We were particularly pleased by the Q4 revenue guidance as many had expressed concerns that growth expectations for 2016 were too second half weighted and potentially difficult to achieve. Upside in Q3 and in the outlook was entirely driven by SNCR's cloud business. In contrast, Q3 activation trends were in line but Q4 expectations were light. On this front, management mentioned it is exploring strategic alternatives for its activation business due to slowing growth. Lastly, initial insights on its 2017 cloud outlook were better than expected. We are increasing our 2016/2017 EPS ests to $2.58/$3.15 from $2.53/$3.06 previously. Our new valuation range is $48-50/share vs $44-45/share previously. We reiterate our Outperform rating on the stock."
Shares of Synchronoss Technologies closed at $39.62 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- Jefferies Adjusts Estimates on Ciena (CIEN) - PT to $29
- Jefferies Raises Price Target on Casey's General Stores (CASY) Following 2Q Earnings Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!