J.P. Morgan Reiterates Overweight Rating on Synchronoss Technologies

In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on Synchronoss Technologies SNCR. J.P. Morgan noted, “SNCR announced after the close that they are purchasing NewBay a wholly-owned subsidiary of Research In Motion, for $55M in cash. We believe this company has some cloud tuck-in assets that will be useful in the Convergence Now Plus platform, but more importantly brings on board key strategic customers to expand their international reach.” Synchronoss Technologies closed on Thursday at $20.49.