UPDATE: Goldman Sachs Downgrades Synchronoss Technologies to Neutral

Goldman Sachs reduced its rating on Synchronoss Technologies SNCR from Buy to Hold as revenue acceleration is not expected before 2013. Goldman Sachs noted, "While we continue to forecast high growth for the SNCR model, but now believe that valuation expectations will remain limited until we see more even operating performance in 2013 and, importantly, until the model accelerates as expected due the expected contribution of the Verizon Wireless contract. As it now stands, we see limited upside to our 12-month price target of $23, as such we would wait for a better entry point on the name or until we have increased evidence that 2013 will accelerate as expected on the heels of the new Verizon Wireless contract." Synchronoss Technologies closed at $23.01 on Friday.