UPDATE: Citigroup Downgrades Synacor to Sell Due to Lack of Near-Term Catalysts
Citigroup reduced its rating on Synacor (NASDAQ: SYNC) from Neutral to Sell, both High Risk, and reiterated its price target at $15.50.
Citigroup commented, "Synacor is up meaningfully over the past month, which we attribute to retail investor interest in TV Everywhere. We don't see any fundamental reason to support the current valuation – which is at a meaningful premium to peers – so we're downgrading to Sell. We maintain our $15.50 target price."
Synacor closed at $17.34 on Monday.
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