Goldman Remains Buy On Syniverse Technologies, Inc. (SVR)

Goldman Sachs maintains its “buy” rating on shares of Syniverse Technologies, Inc. (SVR), on news that The Department of Telecommunications has asked Syniverse to implement mobile number portability (MNP) services across the entire country of India. The Foreign Investment Promotion Board has rejected a recent proposal by Telcordia Technologies in regard to MNP services. Once fully implemented, the analysts at Goldman Sachs estimate the new contract will generate anywhere from $5 mn-$10 mn of incremental annual revenue to Syniverse. Goldman Sachs notes, “We believe Syniverse has an excellent opportunity to gain market share in roaming and messaging services in India, which has 15 different carriers and is among the largest and fastest growing mobile markets in the world. Longer term, as the international markets for number portability services remain largely underpenetrated, we see upside potential to our estimates if Syniverse can successfully win the mandates to implement number portability solutions in more countries.” Shares of SVR are down 46 cents to $21.86 in early session trading.