Wells Fargo Upgrades Synchronoss Technologies (SNCR) to Outperform on Ramp in Verizon Wireless Contract

Wells Fargo upgraded Synchronoss Technologies (NASDAQ: SNCR) from Market Perform to Outperform and raised its valuation sharply range form $18-$19 to $28-$29 citing a ramp in the Verizon Wireless contract.

The firm comments, "We believe the near term rev ramp in SNCR's contract with Verizon Wireless provides the potential for growth to re-accelerate in 2013. Plus, the contract gives us confidence in our and street forecasts for the year. In addition, SNCR has easier comps starting in Q2’13. We also believe that a cloud based sync and storage contract with AT&T could be a catalyst sometime in 2013. And we think SNCR will have positive commentary on trends at its first ever analyst day in early Feb. After reporting three quarters with reduced 2012 revenue guidance, we think SNCR will meet or exceed street estimates throughout 2013"

For an analyst ratings summary and ratings history on Synchronoss Technologies click here. For more ratings news on Synchronoss Technologies click here.

Shares of Synchronoss Technologies closed at $21.66 yesterday.

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