Needham & Company Starts Synacor (SYNC) at Buy

Needham & Company initiates coverage on Synacor (NASDAQ: SYNC) with a Buy. PT $8.00.

Analyst, Laura Martin, said, "Synacor designs websites for some of the largest companies in America, with clients such as Verizon (NYSE: VZ), CenturyLink/Qwest (NYSE: CTL), Charter (Nasdaq: CHTR), Windstream (NYSE: WIN), WOW, Mediacom and Toshiba. SYNC’s business model is that it sells online display and search advertising across the 22mm total subscribers that it reaches, then pays a portion of this advertising revenue back to its clients (i.e., rev share), thus turning a cost center into a profit center with minimal capital risk for its customers. SYNC’s key growth drivers are: 1) winning new clients; 2) entering new categories; 3) the secular trend of more time spent online; and, 4) the adoption of TV Everywhere by the TV ecosystem."

For an analyst ratings summary and ratings history on Synacor click here. For more ratings news on Synacor click here.

Shares of Synacor closed at $6.09 yesterday.

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