Deutsche Bank Upgrades PT On Synchronoss To $46, Maintains Buy (SNCR)

Deutsche Bank upgraded its price target on Synchronoss SNCR from $42 to $46, while maintaining its Buy rating, in a research report published today. In the report, Deutsche Bank states "Synchronoss got off to a solid start in 1Q, reporting $53.4m/$0.20, ahead of our $51.5m/$0.20 and consensus of $51.6m/$0.19, seeing strength across its telco, device and cable segments. The company raised revenue guidance on the back of its growing business at Verizon Wireless, which is now a 10% revenue customer. We see SNCR having the right products at the right time, gaining from several secular trends with a highly differentiated product. Reiterate Buy." In yesterday's trading, Synchronoss lost 2.42% of its value to close the day at $2.42.