Wells Fargo Downgrades Synchronoss Technologies (SNCR) to Market Perform; Weaker Outlook From AT&T (T)
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Price: $6.31 -1.71%
Rating Summary:
10 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
10 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Wells Fargo downgraded Synchronoss Technologies (NASDAQ: SNCR) from Outperform to Market Perform, price target range lowered from $41-44 to $25-26.
Analyst, Gray Powell, said, "While the company’s Q1 results were in line with expectations, 2012 guidance excluding acquisition revenues was reduced due to a weaker outlook from AT&T (NYSE: T). We slightly increase our 2012E EPS to $1.10 from $1.09 on a higher margin assumption but reduce our 2013E EPS to $1.23 from $1.32 previously – reflecting a lower revenue outlook and higher tax rate. We think SNCR’s long-term growth profile remains attractive and that management will successfully execute against long-term plans. However, we also believe it will take a couple of quarters for investors to regain confidence in the SNCR story, which could limit multiple expansion."
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 $28.34 yesterday.
Analyst, Gray Powell, said, "While the company’s Q1 results were in line with expectations, 2012 guidance excluding acquisition revenues was reduced due to a weaker outlook from AT&T (NYSE: T). We slightly increase our 2012E EPS to $1.10 from $1.09 on a higher margin assumption but reduce our 2013E EPS to $1.23 from $1.32 previously – reflecting a lower revenue outlook and higher tax rate. We think SNCR’s long-term growth profile remains attractive and that management will successfully execute against long-term plans. However, we also believe it will take a couple of quarters for investors to regain confidence in the SNCR story, which could limit multiple expansion."
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 $28.34 yesterday.
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