Goldman Sachs Downgrades Synchronoss Technologies (SNCR) to Neutral, Sees Limited Upside Until 2013

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Goldman Sachs downgraded Synchronoss Technologies (NASDAQ: SNCR) from Buy to Neutral with a price target of $23.00, saying revenue acceleration not expected until 2013.

The firm believes that the multiple on SNCR is capped until they see traction in the company's new Verizon Wireless efforts, which is expected some time in 2013.

Wile they forecast high high growth for the SNCR mode, valuation expectations will remain limited, Goldman said.

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 $23.01 yesterday, with a 52 week range of $16.89-$38.90.

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