UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Synchronoss Technologies

In a report published Friday, Goldman Sachs reiterated its Neutral rating on Synchronoss Technologies

, and raised its price target from $21.00 to $24.00. Goldman Sachs noted, “SNCR reported 4Q revenue of $73.2 mn (+18% yoy) above our/Street estimates of $69.4 mn/$70.1 mn, respectively. Cash EPS (ex. stock-based compensation and amortization) came in at $0.29 for the quarter, above our/Street estimates of $0.24/$0.25. CY13 guidance of $330-$350 mn in non-GAAP revenue and $1.30-$1.36 in cash EPS topped our estimates. We raised our CY13/CY14 cash EPS estimates to $1.33/$1.65. Our published CY13/CY14 estimates (including stock comp) are now set at $0.87/$1.14. We are also introducing our initial CY15 EPS estimates with our cash EPS set at $1.98 and published EPS set at $1.39. Consistent with our updated EPS and higher multiple assumption of 27.6X (from 24.1X) reflecting increased confidence in SNCR's multi-year earnings growth profile, we are raising our 12-month price target to $24 from $21.” Synchronoss Technologies closed on Thursday at $24.55.