UPDATE: Stifel Nicolaus Reduces PT to $32 on Synchronoss Technologies on Sandy Effect to Guidance
Stifel Nicolaus reiterated its Buy rating on Synchronoss Technologies (NASDAQ: SNCR) but reduced its price target from $36 to $32.
Stifel Nicolaus said, "On Monday, November 5th , Synchronoss reported 3Q12 earnings for the period ending September 30th. 3Q12 results themselves effectively came in in-line with expectations, though the forward outlook for 4Q12 is being pressured in large part by the impact of Superstorm Sandy, leading to disappointing 4Q guidance. … In no way do we believe the longer term picture for the SNCR story is impaired by what we view as timing delays. … However, we also acknowledge that the true financial impact of these evolving relationships are set to far more meaningfully contribute to 2014 than to 2013."
Synchronoss Technologies closed at $ on Monday.
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