UPDATE: Deutsche Bank Raises Target to $47 on Synchronoss
Deutsche Bank reiterates its Buy rating on Synchronoss (NASDAQ: SNCR) and raises its price target to $47 from $45 a share as the company delivers an EPS beat on better margins.
Deutsche Bank says, "SNCR reported 4Q11 rev/EPS of $62.3m/$0.34 vs. our est. $62m/$0.23 and consensus $61.6m/$0.23. Earnings benefited from a lower tax rate but still showed a $0.05 beat. Early FY12 guidance of $285m/$1.09 at the midpoint suggests 20% organic growth ($8.5m from Miyowa acquisition), leaving ample upside, in our view, after a 35% growth year in 2011. The company continues to expand business its major operator customers and enters 2012 with Orange as a new marquee."
SNCR closed at $34.01 a share yesterday.
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