Goldman Sachs Comments On Synchronoss 1Q Revenues

According to Goldman Sachs, Synchronoss Technologies SNCR reported 1Q revenues of $53.4 mn, 2%/3% above its/consensus estimates. Goldman Sachs said that excluding acquisition and restructuring costs, stock comp, and purchase amortization, cash EPS of $0.20 was in line with estimate but $0.01 above the consensus. “We maintain our above consensus 2011/2012/2013 cash EPS of 0.87/$1.23/$1.59, with higher R&D expenses and a higher share count offset by a lower tax rate. Including stock comp, our 2011/2012/2013 EPS now stand at $0.54/$0.88/$1.17 from $0.61/$0.90/$1.18. Given an intact cash EPS forecast, we maintain our 12-month price target of $39, implying 27% upside.” Synchronoss Technologies closed yesterday at $30.65.