UPDATE: Bank of America Downgrades Synacor; Raises PO

According to a research report published this morning, Bank of America has downgraded Synacor

from Buy to Underperform, and raised PO from $9 to $11. Bank of America commented, "Last week, Synacor (SYNC) was featured in two public stock newsletters. Since being featured, SYNC has experienced heavy trading volume and the stock has increased 48% from $8.84 on May 1st to $13.10 today. Our Buy rating was predicated on the thesis SYNC was an undervalued growth play but with the stock trading at 12x our 2013 EV/EBITDA estimate vs media peers at 8x, we are downgrading to Underperform." Synacor closed yesterday at $13.10.