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Synchronoss stock surges on Buy rating, attractive price target from Roth

Analyst Richard Baldry issued a $13 price target, almost double the company’s Monday close of $6.67

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Analyst Richard Baldry was impressed with the New Jersey company’s Digital Experience Platform

Synchronoss Technologies Inc (NASDAQ:SNCR) stock is picking up steam after analysts at Roth initiated coverage of the cloud software company with a Buy rating.

Analyst Richard Baldry issued a $13 price target early Tuesday, almost double the company’s Monday close of $6.67.

The stock climbed 6.1% to $7.80 midday Wednesday. 

Baldry was impressed with the Bridgewater, New Jersey company’s Digital Experience Platform, which helps telecommunications companies automate customer activation and other processes.

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The analyst expects growth to accelerate in the near-term as its product spreads to a broadening pool of customers.

“We believe Synchronoss is likely to emerge as an important player in the cloud-infrastructure space,” Baldry wrote “Through its understanding of the next-generation needs of its telecom-centric customer base, with extensibility to support a broader set of corporate prospects looking to compete for the next generation of cloud-based services, we believe Synchronoss is likely to become relevant again to growth investors.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Synchronoss Technologies Inc

Price: 2.725 USD

NASDAQ:SNCR
Market: NASDAQ
Market Cap: $121.38 m
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