Canaccord analyst Michael Graham initiated Synacor (SYNC) with a Buy and an $8 price target telling investors the company is positioned for sustained growth driven by the AT&T (T) contract and by revenue diversification. Graham said the AT&T deal will add approximately $79M in incremental revenue by 2018 and $100M by 2019, growing 5% in each year through 2021 and recurring revenues from the newer Email and Cloud ID businesses are faster growth and higher-margin compared to the legacy portal business, growing in the mid-20% range in the short term. The analyst views valuation is more reflective of a declining business while Synacor is growing nicely.