Synchronoss Technologies Inc (SNCR)

[bowonwing]

Deutshe Bank $18 PT. from lbcamera on Yahoo mb.

In-line quarter, tone optimistic
SNCR reported revenues of $30.6m, slightly ahead of our $30.0m estimate and
consensus $30.2m. EPS came in line at $0.12. Lower end of the guidance range
was raised by $3m, to now $124m-$126m for FY09, a sign of optimism in
monetizing new projects. EPS guidance of $0.50-$0.54 was reaffirmed. We
reiterate Buy on good execution and a solid pipeline

Reiterate Buy, raising PT to $18 (from $17)
We reiterate our Buy rating leaving estimates unchanged, but adjust up the price
target in line with peer group multiples. Our price target is based on a 2010
unlevered FCF per share of $0.75, a 2010-15 growth rate of 25% (after options
dilution) and a multiple of 0.8x, (in-line with the peer group). Risks include delays in
customer adoption of activation technology, slow ramp in new customers and
larger OSS/BSS competitors entering the market.