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UPDATE: Bank of America Downgrades Synacor

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According to a research report published this morning, Bank of America has downgraded Synacor (NASDAQ: SYNC) from Neutral to Underperform.

In the report, Bank of America commented, "We are lowering Synacor to Underperform from Neutral due to the stock's recent rapid price increase. Since being featured in various investor newsletters, SYNC has experienced heavy trading volume and the stock has increased 66% from $8.84 on May 1st to $14.70 yesterday. Bloomberg reports short interest of 2.3mn shares, or 28.7% of float, up from 633k a month earlier. We previously viewed Synacor as an undervalued growth investment but with the stock trading at 14x our 2013 EV/EBITDA estimate vs. media peers at 8x, we are lowering to Underperform."

Bank of America maintains its $11 PO on Synacor, which closed yesterday at $14.70.

Latest Ratings for SYNC

DateFirmActionFromTo
Aug 2014Albert Fried & Co.DowngradesOverweightMarket Perform
May 2014Bank of AmericaMaintainsUnderperform
Mar 2014Bank of AmericaMaintainsUnderperform

View More Analyst Ratings for SYNC
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Analyst Ratings

 

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