S&P Equity Research Downgrades Synchronoss (SNCR) to Hold
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S&P Equity Research downgrades Synchronoss (Nasdaq: SNCR) from Buy to Hold.
S&P analyst, J. Yin, says, "Shares are indicated to trade sharply lower after SNCR reports Q1 EPS of $0.13 vs. $0.11, $0.03 below our estimate. Revenue rose 36% to $29.1M, $1.8M below our view. The company cites slower revenue from AT&T (NYSE: T), as some potential customers are using other carriers for unlocking their iPhones. While SNCR has signed new contracts, we expect lower revenues due to a reduced number of activations and reduced service level agreements. We are cutting our '08 EPS forecast to $0.41 from $0.87, and our target price to $14 from $28, on our lower earnings and growth outlook."
Synchronoss Technologies, Inc. is a provider of on-demand multi-channel transaction software management platforms that enable communications service providers (CSPs) to automate new subscriber activation, order management and service provisioning. [SM]
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