Goldman Sachs Adds Synchronoss Technologies (SNCR) to Conviction Buy List

Goldman Sachs added Synchronoss Technologies (NASDAQ: SNCR) to its Conviction Buy list with a 12-month $39 price target, suggesting 36% upside. The firm also sees an upside scenario which suggests 50%-91% potential over next 2-3 years.

Goldman said in IT services, Synchronoss is the most most direct small cap growth engine exposed to the explosion in connected device growth driven by smartphones, tablets, and LTE rollouts.

The combination of strong volume growth and operating leverage should support their forecast of 32% average EPS growth through CY2013E, the analysts noted.

For more ratings news on Synchronoss Technologies click here and for the rating history of Synchronoss Technologies click here.

Shares of Synchronoss Technologies closed at $28.65 yesterday.

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