UPDATE: Deutsche Bank Raises PT on Synchronoss to $48

Deutsche Bank is out with its report today on Synchronoss SNCR, raising its PT from $46 to $48. In its report, Deutsche Bank writes, "SNCR reinforced its track record of beat-and-raise, printing $55.4m/$0.21 vs. our $54.5m/$0.20 and Street's $54.6m/$0.20. Guidance for FY11 was raised about $4m revs and $0.02 EPS at the midpoint, on the back of a new channel at AT&T and momentum at Vodafone and Verizon Wireless. We see continued execution going into FY12 and reiterate our Buy rating and raise our PT to $48 from $46." At the time of posting, shares of SNCR were trading pre-market at $30.80, up 7.06% from Monday's close.