UPDATE: Credit Suisse Upgrades Synchronoss Technologies to Outperform on Business Momentum

Credit Suisse upgraded Synchronoss Technologies (NASDAQ: SNCR) from Neutral to Outperform and raised the price target from $20.00 to $29.00.

Credit Suisse noted, "We believe that Synchronoss' products are becoming increasingly important for wireless carriers to exert leverage against handset OEMs by enabling cross-platform data synchronization among devices that were specifically designed to not interoperate. Although SNCR has significant customer concentration to some carriers (e.g., VZ and T), we assess the near-term business risks of missing estimates and downward revisions as very low due to recent strong business momentum, projects expected to go live in 1H13, and the acquisition of prior competitor NewBay. We view SNCR shares' current risk/reward as attractive, with >25% upside over the NTM."

Synchronoss Technologies closed at $22.61 on Tuesday.

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