UPDATE: Albert Fried & Company Lowers PT on Synacor to $7 on Lockup Expiration, Share Run-Up
Albert Fried & Company reiterated its Underweight rating on Synacor (NASDAQ: SYNC) and reduced its price target from $10 to $7.
Albert Fried & Company commented, "We like SYNC's strategic positioning, sticky client base and unique service offering. SYNC has emerged from its IPO as a unique high growth and profitable play on TV everywhere as well as the emergence of MSO's as next generation Internet Service Providers. However, the recent run up in SYNC shares and the lockout expiration in mid July make SYNC expensive in our view at 18x our 2013E EV/AOCF (EBITDA)."
Synacor closed at $7.94 on Wednesday.
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