UPDATE: Citi Downgrades Synacor; Raises PT
According to a research report published this morning, Citi has downgraded Synacor (NASDAQ: SYNC) from Buy to Neutral, and raised PT from $9.50 to $15.50.
In the report, Citi said, "After trading between $6.97 and $8.29 in April, Synacor's stock is now at $14.50+, or up 75% in May. While earnings on April 24th were good and suggested fundamental growth drivers remain strong, the exceptional performance in May appears to be driven by positive commentary from two retail-focused investor services, the National Inflation Association and Jonathan Ledbed's newsletter. We aren't aware of any fundamental changes to the story that would drive such strong outperformance."
Synacor closed yesterday at $14.15.
Latest Ratings for SYNC
|Aug 2014||Albert Fried & Co.||Downgrades||Overweight||Market Perform|
|May 2014||Bank of America||Maintains||Underperform|
|Mar 2014||Bank of America||Maintains||Underperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.