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Fly News Breaks for July 30, 2018
SNCR
Jul 30, 2018 | 07:16 EDT
Stifel analyst Tom Roderick downgraded Synchronoss to Sell from Hold, stating that recent filings reveal that liquidity issues loom, the company is "out of levers, and time is not on their side." The turnaround required to keep the company from fundraising "feels Herculean," added Roderick, who notes that the company has an outstanding $230M Convertible Debt instrument due in August 2019 and convert holders have filed a lawsuit to have their principal returned at par immediately. He lowered his price target on Synchronoss shares to $3 from $8.
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