Wells Fargo Says Buy Synchronoss (SNCR) Amid Sell-Off After Speaking with CEO

Wells Fargo analyst Gray Powell reiterated an Outperform rating on Synchronoss Technologies (NASDAQ: SNCR) after a call with the CEO, saying Wednesday's sell-off offers a buying opportunity.

After speaking with CEO Stephen Waldis after the market closed on Wednesday, Powell said "we came away with a higher degree of conviction in the company's growth profile and long term relationship with Verizon."

The analyst was also pleased with the join press release with Verizon addressing recent concerns on their cloud storage initiatives and see potential for the service offering to expand.

"As a result, we continue to have a high level of confidence in our outlook for SNCR in 2H'15 and '16.," the analyst added.

The firm said with shares trading at 10.7x 2016E EPS with 20%+ growth, valuation is compelling.

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 $33.37 yesterday.

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