UPDATE: Stifel Nicolaus Initiates Synacor with Buy, $10 PT
Stifel Nicolaus initiates a Buy rating and a $10 price target on Synacor (NASDAQ: SYNC) as the company supports multi-screen content push.
Stifel Nicolaus says, "The core of the company's revenue today comes from Search & Display advertising support embedded into a white-label portal offering for key customers like Charter, Verizon and Qwest/CenturyLink. However, Cable MSOs have come to the rapid realization over the past 12-18 months that Over-the-Top offerings like Netflix represent a real threat to their content distribution model. This, in turn, has enabled Synacor to generate rapid traction with its TV Everywhere offering, which we believe can be a true product differentiator in the coming years."
SYNC closed at $6.09 a share yesterday.
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