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.
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.
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