UPDATE: J.P. Morgan Lowers Synchronoss Technologies' PT

According to a research report published this morning, J.P. Morgan has decreased Synchronoss Technologies' SNCR PT from $39 to $27. In the report, J.P. Morgan mentioned, "Results out of SNCR for the quarter exceeded our expectations by $0.02. On the positive side, SNCR signed a 5-year contract at Verizon, partnering with Terremark, and expanding their roadmap to help VZ create a Cloud ecosystem. On the negative side, the 6th channel (customer care) ramp at AT&T is going to contribute less than expected in 2012 as a result of AT&T changing deployment strategy. We expect to see pressure on the stock today as investors reevaluate what multiple they are willing to pay for reduced growth." J.P. Morgan maintains its Neutral rating on SNCR, which closed yesterday at $28.34.