Goldman Sachs Sees Significant Upside In Synchronoss Technologies (SNCR)

Goldman Sachs raised estimates and its price target on Buy-rated Synchronoss Technologies (NASDAQ: SNCR) Monday, saying the company is "the most direct investment with exposure to the explosive multi-year growth in connected devices driven by smartphone, tablet, and LTE adoption."

The firm raised 2012 and 2013 cash EPS by 6% to $1.23 and $1.59, representing year-over-year growth fo 43 percent and 28% respectively. The firm raised its price target from $36 to $39.

"While SNCR shares have significantly outperformed YTD (+32% vs. +6% for S&P 500), we believe the connected device theme is a secular, multi-year trend that should power the SNCR model", said analyst Julio C. Quinteros. "In addition, under a range of revenue and margin scenarios presented in this note, we believe that SNCR could deliver significant upside to our revised long-term EPS estimates, which are already 21% above the Street in 2012."

In the firms most bullish scenario they see 24 percent incremental EPS, resulting in an implied value of $51-$59 per share.

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 $35.14 yesterday.

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