Synacor Stock Rating Reaffirmed by Bank of America (SYNC)
Synacor (NASDAQ:SYNC)‘s stock had its “underperform” rating restated by investment analysts at Bank of America in a note issued to investors on Wednesday. They currently have a $2.00 price objective on the stock, down from their previous price objective of $2.40. Bank of America’s target price indicates a potential downside of 14.16% from the stock’s previous close.
The analysts wrote, “Synacor reported 2Q14 rev/EBITDA of $24.1mn/($1.2mn) missing the Street estimates of $24.2/($0.8mn).Unique visitors declined 9% y/y to 17.9mn, search queries declined 27% y/y to 130mn, and advertising impressions decreased 14% y/y to 8.9bn, though were up 4% q/q on increased video ads. Management lowered FY14 revenue guidance down $2mn on the top end and lowered EBITDA guide to $(1mn)-$(2.5mn) due to delayed product deployment and continued investment.”
Synacor (NASDAQ:SYNC) traded down 4.29% on Wednesday, hitting $2.23. 20,201 shares of the company’s stock traded hands. Synacor has a 52-week low of $2.12 and a 52-week high of $2.89. The stock’s 50-day moving average is $2.47 and its 200-day moving average is $2.45. The company’s market cap is $61.4 million.
Synacor (NASDAQ:SYNC) last announced its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.09) by $0.02. The company had revenue of $24.20 million for the quarter, compared to the consensus estimate of $24.12 million. Analysts expect that Synacor will post $-0.13 EPS for the current fiscal year.
Synacor, Inc (NASDAQ:SYNC) is a provider of solutions for delivery of online content and services.
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