Goldman Sachs Puts Buy on Synchronoss Technologies

Goldman Sachs put a Buy rating on Synchronoss Technologies SNCR. At the moment, Goldman has a price target of $39 placed on the company's stock. In a research report published today, Goldman states, "We add Buy-rated SNCR to the Conviction List as we believe the shares' recent pullback provides an attractive entry point for long-term investors with the shares offering 36% return potential to our 12-month price target of $39 and an upside scenario which suggests 50%-91% potential over next 2-3 years... We believe the combination of strong volume growth and operating leverage should support our forecast of 32% average EPS growth through CY2013E." On Monday, Synchronoss closed the day at $28.65. Its shares added 6.11% to their value in today's pre-market trading, however, to trade around $30.40.