UPDATE: Bank of America Merrill Lynch Upgrades Synacor to Buy, Reiterates $11 PO

In a report published Friday, Bank of America Merrill Lynch upgraded its rating on Synacor (NASDAQ: SYNC) from Underperform to Buy, and reiterated its $11.00 price objective.BofA Merrill Lynch noted, “We are upgrading Synacor (SYNC), a provider of start pages and authentication solutions primarily for Internet Service Providers, to Buy from Underperform due to improved risk reward and potential catalysts. Although the company's fundamentals have not significantly changed since its February IPO, the stock has experienced heavy trading volume and volatility with SYNC peaking at $18 in July vs its current $8 level since being featured in various investor newsletters. With SYNC trading at 9x our 2013 EV/EBITDA est vs. media peers at 11x despite higher than est peer growth, we view SYNC as an undervalued growth stock.”Synacor closed on Thursday at $8.26.