Wedbush Maintains an 'Outperform' on Syniverse Holdings (SVR); Lowers PT & Estimates

November 25, 2009 8:55 AM EST

Wedbush maintains an Outperform rating on Syniverse Holdings (NYSE: SVR), lowers price target to $23.

Wedbush analyst says, "We are reducing our well above consensus estimates to take a more conservative approach on the macro impact on roaming, and the potential for modest India MNP delays. However, we remain positive as we still see upside to consensus expectations due to additional cost cuts and upside from the VeriSign Messaging acquisition...We are reducing our estimates, to reflect the ongoing impact from the Verizon/Alltel merger, the macro environment, and slight delays in India number porting...Cost management remains impressive, and management recently indicated that additional savings have been uncovered...We expect upside to initial VeriSign guidance, and see significant synergies...Lowering estimates on more conservative assumptions, but we remain modestly above consensus, as we still see upside from the VeriSign Messaging acquisition."

To see all the upgrades/downgrades on shares of SVR, visit our Analyst Ratings page.

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