UPDATE: Deutsche Bank Lowers Synchronoss Technologies' PT

According to a research report published this morning, Deutsche Bank has lowered Synchronoss Technologies'

PT from $47 to $45. In the report, Deutsche Bank commented, "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. We reiterate our Buy rating." Deutsche Bank maintains its Buy rating on Synchronoss, which is currently trading at $21.46.