Bank Of America Sees Search/Display Business Weakness On Synacor

In a report published Wednesday, Bank of America analyst Nat Schindler reiterated an Underperform rating but lowered the price target from $2.50 to $2.40 on

. In the report, Bank of America noted, “Synacor has many desirable characteristics such as high revenue predictability and an industry leading position. Although we see many desirable characteristics and the opportunity for a transformative customer win, we expect the company to continue facing mobile and Windows 8 related headwinds in 2013. We believe a discounted multiple to online media peers is warranted given high customer concentration and greater uncertainty surrounding top-line growth.” Synacor closed on Tuesday at $2.27.