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Fly News Breaks for May 22, 2017
VZ, T, SNCR
May 22, 2017 | 07:49 EDT
Credit Suisse analyst Michael Nemeroff downgraded Synchronoss (SNCR) to Underperform from Neutral following AT&T's (T) recent announcement that it will be closing the personal cloud "Locker" storage service offering powered by Synchronoss on August 3. The contract, while not currently a significant contributor to Synchronoss' Personal Cloud revenue, was expected to ramp and become more meaningful over time, Nemeroff tells investors. The news also adds more uncertainty regarding the company's contract with Verizon (VZ) that will be up for renewal in the second half of 2018, added the analyst, who has a $13 price target on Synchronoss shares.
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