Synacor (NASDAQ: SYNC) was downgraded by equities research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research note issued to investors on Friday. They currently have a $10.00 price target on the stock.
The analysts wrote, “The facts as we see them are: 1) Synacor has very bright growth prospects with cable MSOs and device manufacturers alike; 2) Despite those bright growth prospects, we do not view SYNC as a classic “Cloud stock” worthy of comparisons to salesforce.com or other enterprise-focused, subscription-based models. SYNC’s business model primarily relies upon Search & Display advertising; 3) As such, we view the relevant comp group as being a set of digital advertising enablement providers that are currently trading at a mean EV/EBITDA multiple of 10.7x on CY13. SYNC now trades at 17.6x.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup (NYSE: C) downgraded shares of Synacor from a “buy” rating to a “neutral” rating in a research note to investors on Thursday. Separately, analysts at Bank of America (NYSE: BAC) upgraded shares of Synacor from an “underperform” rating to a “neutral” rating in a research note to investors on Friday, May 18th. Finally, analysts at Needham & Company raised their price target on shares of Synacor from $8.00 to $13.00 in a research note to investors on Thursday, May 10th. They now have a “buy” rating on the stock.
Shares of Synacor opened at 12.80 on Friday. Synacor has a 52 week low of $4.75 and a 52 week high of $15.00. The company has a market cap of $344.1 million and a P/E ratio of 34.92.
Synacor last announced its earnings results on Wednesday, April 25th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The company’s revenue for the quarter was up 63.6% on a year-over-year basis. On average, analysts predict that Synacor will post $0.03 earnings per share next quarter.
Synacor, Inc. (Synacor) is a provider of solutions for delivery of online content and services. Synacor delivers its solutions as a set of services through its hosted and managed platform, enabling cable and telecom service providers and consumer electronics manufacturers to provide the online content and services.