UPDATE: Bank of America Upgrades Synacor to Neutral; Fundamentals Intact

Bank of America raises its rating on Synacor SYNC from Underperform to Neutral and reiterates its price objective at $11. Bank of America notes, "We are upgrading Synacor to Neutral due to the company's moderating valuation versus online media peers. Synacor continues to be a strong fundamental growth story with our model showing 38% and 28% y/y revenue growth in FY2012 and FY2013, respectively. We view Synacor as a play on the rise of TV viewing on the web and still like Synacor's high predictability and opportunity for a transformative customer win to significantly increase our estimates." SYNC closed at $9.58 on Thursday.