UPDATE: Credit Suisse Initiates Coverage on Synchronoss Technologies at Neutral

Credit Suisse initiated coverage on Synchronoss Technologies (NASDAQ: SNCR) at a Neutral rating and a $20 price target.

Credit Suisse commented, “Synchronoss is a leading provider of cloud technology and automation solutions. Although we believe that SNCR's CN and CN+ platforms are well positioned to grow and gain share with current and new customer channels, we have near-term concerns that handset upgrade cycles are extending, which potentially puts pressure on SNCR's transaction volumes in the near term.. Despite potential near-term concerns, the current valuation of the shares is compelling, which balances the risk/reward on the shares, in our view.”

Synchronoss Technologies closed at $19 on Friday.

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