Synacor Downgraded by Bank of America to Market Perform (SYNC)
Synacor (NASDAQ:SYNC) was downgraded by equities researchers at Bank of America from an “overweight” rating to a “market perform” rating in a research report issued on Thursday. They currently have a $3.50 price target on the stock, down from their previous price target of $5.00. Bank of America’s price target points to a potential upside of 64.32% from the stock’s previous close.
The analysts wrote, “SYNC’s strategic positioning, sticky client base and unique service offering is interesting in our view. Recent changes in Search Industry policies disrupted SYNC’s organic revenue prospects in 2013/14 we think SYNC is still positioning to recover as Apps hubs can create a native platform that extends SYNC beyond on the desktop. Owing to SYNC’s back end billing data we think the Company is well positioned to provide these services but the clock is running.”
Shares of Synacor (NASDAQ:SYNC) traded down 2.35% during mid-day trading on Thursday, hitting $2.08. The stock had a trading volume of 12,101 shares. Synacor has a 52-week low of $2.10 and a 52-week high of $2.88. The stock’s 50-day moving average is $2.46 and its 200-day moving average is $2.45. The company’s market cap is $57.3 million.
Synacor (NASDAQ:SYNC) last issued its quarterly earnings data 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. On average, analysts predict that Synacor will post $-0.13 earnings per share for the current fiscal year.
Separately, analysts at Albert Fried & Company downgraded shares of Synacor from an “overweight” rating to a “market perform” rating in a research note on Wednesday. They now have a $3.50 price target on the stock, down previously from $5.00.
Synacor, Inc (NASDAQ:SYNC) is a provider of solutions for delivery of online content and services.
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