UPDATE: Bank of America Downgrades Synacor to Underperform on Persisting Headwinds

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.