UPDATE: Deutsche Bank Cuts PT to $45 on Synchronoss; Guidance Below Consensus
Deutsche Bank lowers its price target from $47 to $45 on Buy-rated Synchronous (NASDAQ: SNCR) as the latest guidance comes below consensus.
Deutsche Bank comments, "SNCR reported a modest beat tonight, delivering $64.9m/$0.26 vs. Our $64m/$0.24 and Street's $64.2m/$0.25. Guidance for 2Q was lowered slightly below consensus but FY12 was reiterated, benefiting from $5m-$7m acquired revenue, offset by slower ramp of the new customer support channel at AT&T. Ramping scale at Verizon Wireless and resulting gross margins improvement should help boost earnings in 2H12."
SNCR closed at $28.34 on Monday.
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