Brean Murray Initiates Synchronoss (SNCR) with a Buy
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Brean Murray initiates coverage on Synchronoss (NASDAQ: SNCR) with a Buy rating and a $17 price target.
The firm said, "On May 6, SNCR stock plummeted 43% on the company's reduced outlook caused mostly by a severe decline in projected iPhone activations. This stock decline and diversification offer a buying opportunity. Synchronoss has signed new customers and taken key initiatives to expand and diversify its iPhone and AT&T dependency, which we believe will increasingly benefit the company over upcoming quarters."
Synchronoss Technologies provides multi-channel transaction management solutions to the communications services and digital content marketplaces primarily in North America.
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