Deutsche Bank analyst Nandan Amladi attributes most of the recent pullback in shares of Synchronoss to a lack of clarity around the two new joint ventures the company announced, one each on the Q3 and Q4 calls. Skeptics have assumed that the company's Cloud segment growth excluding joint ventures had slowed, or even declined year-over-year, Amladi tells investors in a research note. The analyst believes the Cloud segment posted "relatively healthy" year-over-year growth in Q4, "albeit slower than in recent quarters." He reiterates a Buy rating on Synchronoss with a $50 price target and views the selloff as overdone.