UPDATE: Citi Downgrades Synacor; Raises PT

According to a research report published this morning, Citi has downgraded Synacor

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.