UPDATE: Stifel Nicolaus Initiates Synacor with Buy, $10 PT

Stifel Nicolaus initiates a Buy rating and a $10 price target on Synacor

as the company supports multi-screen content push. Stifel Nicolaus says, "The core of the company's revenue today comes from Search & Display advertising support embedded into a white-label portal offering for key customers like Charter, Verizon and Qwest/CenturyLink. However, Cable MSOs have come to the rapid realization over the past 12-18 months that Over-the-Top offerings like Netflix represent a real threat to their content distribution model. This, in turn, has enabled Synacor to generate rapid traction with its TV Everywhere offering, which we believe can be a true product differentiator in the coming years." SYNC closed at $6.09 a share yesterday.