UPDATE: Bank Of America Reiterates On Synacor Following 2Q14 Estimate Miss

In a report published Wednesday, Bank of America analyst Nat Schindler reiterated an Underperform rating on

, but lowered the price target from $2.40 to $2.00. In the report, Bank of America noted, “Synacor reported 2Q14 rev/EBITDA of $24.1mn/($1.2mn) missing the Street estimates of $24.2/($0.8mn).Unique visitors declined 9% y/y to 17.9mn, search queries declined 27% y/y to 130mn, and advertising impressions decreased 14% y/y to 8.9bn, though were up 4% q/q on increased video ads. Management lowered FY14 revenue guidance down $2mn on the top end and lowered EBITDA guide to $(1mn)-$(2.5mn) due to delayed product deployment and continued investment.” Synacor closed on Tuesday at $2.33.