UPDATE: Bank of America Downgrades Synacor

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According to a research report published this morning, Bank of America has downgraded Synacor (NASDAQ: SYNC) from Neutral to Underperform.In the report, Bank of America commented, "We are lowering Synacor to Underperform from Neutral due to the stock's recent rapid price increase. Since being featured in various investor newsletters, SYNC has experienced heavy trading volume and the stock has increased 66% from $8.84 on May 1st to $14.70 yesterday. Bloomberg reports short interest of 2.3mn shares, or 28.7% of float, up from 633k a month earlier. We previously viewed Synacor as an undervalued growth investment but with the stock trading at 14x our 2013 EV/EBITDA estimate vs. media peers at 8x, we are lowering to Underperform."Bank of America maintains its $11 PO on Synacor, which closed yesterday at $14.70.

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