UPDATE: Oppenheimer Initiates Coverage on Synacor
According to a research report published earlier today, Oppenheimer has initiated Synacor inc. (NASDAQ: SYNC) with an Outperform rating and $10 PT.
In the report, Oppenheimer said, “Synacor provides online video services to mid-size MSOs, telecom providers and TV manufacturers. Through its consumer interface, the company sells display and search advertising against its video and web impressions. As of December 2011, the company had over 18 million unique visitors resulting in 245 million search queries in 4Q11 alone. With several new customers added over the past 18 months, including Toshiba and Verizon FiOS, we expect the company's growth during this period to continue in the near term. Synacor completed an IPO on February 10, 2012, selling 6.4 million shares at $5.00 per share, or 31% of the company.”
Synacor closed yesterday at $6.09.
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