UPDATE: Albert Fried Initiates Synacor with Underweight, $10 PT on Recent Run-Up, Lockup Expiration

Albert Fried initiates its coverage on Synacor

with a rating of Underweight and a $10 price target. Albert Fried notes, "We like SYNC's strategic positioning, sticky client base and unique service offering. SYNC has emerged from its IPO as a unique high growth and profitable play on TV everywhere as well as the emergence of MSO's as next generation Internet Service Providers. However, the recent run up in SYNC shares and the lockout expiration in mid July make SYNC expensive in our view at 18x our 2013E EV/AOCF (EBITDA)." SYNC closed at $14.70 on Thursday.