Deutsche Lowers Synchronoss' (SNCR) Price Target Due To Lack of iPhone Activations

Deutsche put a report out today regarding Synchronoss (Nasdaq: SNCR) not being a significant beneficiary with iPhone 2 as it was with the first iPhone.

Apple (Nasdaq: AAPL) and AT&T (NYSE: T) are trying to stop the process of unlocking Apple phones, and thus, will ostensibly take a departure from using the Synchronoss-enabled automation that allowed users to activate on their own.

It is reported that the 3G iPhones will only be activated by staff in AT&T or Apple stores at the time of purchase, a similar manual process is used for BlackBerry and Microsoft Mobile. By doing this process manually and not utilizing the Synchronoss automated method, will cause the time to activate each phone in to rise approximately 5-10 minutes.

Synchronoss' guidance last month regarding iPhones appears to have taken the change into account.

Deutsche does still like Synchronoss business and reiterates its Buy rating on SNCR, but reduced its price target from $30 to $24 to reflect the reduction in the iPhone business.

Sign up at EasyStockAlerts.com To Be Alerted To Your Stock News Today!

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Bernstein SocGen on Meta Platforms Inc. (META): 'Risk-reward remains attractive'
• Walmart (WMT) PT Lowered to $125 at JPMorgan, Overweight Rating Maintained as 'Short Case Feels Greedy'