UPDATE: Raymond James Upgrades Synchronoss Technologies to Strong Buy, Reiterates $40 PT as 10 Million Appears to Be a Solid Start

In a report published Thursday, Raymond James analyst Tavis C. McCourt upgraded the rating on Synchronoss Technologies SNCR from Outperform to Strong Buy, and reiterated the $40.00 price target. In the report, Raymond James noted, “We are upgrading our rating to Strong Buy from Outperform and maintaining our $40 price target following Synchronoss' announcement earlier this week that it has reached 10 million Personal Cloud subscribers around the world since its launch this past summer and the recent sell-off that this announcement appeared to engender. We believe the company benefits from carriers' desire to decrease churn through the launch of cloud-based storage services.” Synchronoss Technologies closed on Wednesday at $28.17.