Bank of America downgraded Synacor SYNC from Buy to Underperform and lowered the price target from $9.00 to $5.00.
Bank of America noted, "We see Synacor as an investment on the rise of TV viewing on the web and still like Synacor's opportunity for a transformative customer win (such as AT&T) to positively transform the model. Despite these desirable characteristics, we believe headwinds will likely persist and are lowering our rating to Underperform. We are taking our PO to $5 (from $9) based on 7x our lowered 2014 EV/EBITDA est, a discount to media peers but warranted given high customer concentration."
Synacor closed at $4.84 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in