UPDATE: Baird Equity Research Downgrades Synchronoss Technologies to Neutral, Lowers PT as Risks Cloud the Cloud Opportunity

In a report published Monday, Baird Equity Research analyst William V. Power downgraded the rating on

from Outperform to Neutral, and lowered the price target from $40.00 to $35.00. In the report, Baird Equity Research noted, “We are positive on the improving near-term opportunity at Verizon and recent activation activity at AT&T, but are increasingly concerned with several heightened risks. Those include greater capital intensity than expected, limited international visibility and potential risk to 2014 EPS. With the risk/reward profile now less favorable, in our judgment, we are lowering our rating from Outperform to Neutral.” Synchronoss Technologies closed on Friday at $33.90.