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UPDATE: Citi Downgrades Synacor; Raises PT

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According to a research report published this morning, Citi has downgraded Synacor (NASDAQ: SYNC) from Buy to Neutral, and raised PT from $9.50 to $15.50.

In the report, Citi said, "After trading between $6.97 and $8.29 in April, Synacor's stock is now at $14.50+, or up 75% in May. While earnings on April 24th were good and suggested fundamental growth drivers remain strong, the exceptional performance in May appears to be driven by positive commentary from two retail-focused investor services, the National Inflation Association and Jonathan Ledbed's newsletter. We aren't aware of any fundamental changes to the story that would drive such strong outperformance."

Synacor closed yesterday at $14.15.

Latest Ratings for SYNC

DateFirmActionFromTo
Apr 2017Canaccord GenuityInitiates Coverage OnBuy
Oct 2016Ladenburg ThalmannInitiates Coverage OnBuy
Aug 2014Albert FriedDowngradesOverweightMarket Perform

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Posted-In: CitiAnalyst Color Downgrades Price Target Analyst Ratings

 

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