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SNCR

Synchronoss

$6.35

0.22 (3.59%)

16:04
11/04/19
11/04
16:04
11/04/19
16:04

Synchronoss reports Q3 EPS (62c), consensus (40c)

Reports Q3 revenue $52.2M, consensus $86.88M. David Clark, Chief Financial Officer, stated, "As Sequential Technology International is evaluating strategic alternatives, based on this process we have decided to take a more conservative approach to our financial relationship. As a result, in the third quarter, we wrote off $26 million of STI-related accounts receivable which are now deemed uncollectible. This revenue relationship with STI falls under the new lease accounting standards, so the write-down is accounted for as a cumulative adjustment to revenue recognized in 2018 and 2019, and as such reduces third-quarter GAAP revenue from $78.2 million to $52.2 million. Going forward, quarterly revenue from STI will be recognized based on the amount of cash we collect in payment for our services, currently estimated to be in the range of $2.5-$3.0 million per quarter. We believe this will enable Synchronoss management and our investors to focus on the future of the company; in particular, execution and delivery of the transactions we have announced this year. Before the STI prior period revenue adjustment, operationally we were trending toward our original revenue and EBITDA guidance for the year."

  • 04

    Nov

  • 06

    Nov

SNCR Synchronoss
$6.35

0.22 (3.59%)

06/18/19
ROTH
06/18/19
INITIATION
Target $13
ROTH
Buy
Synchronoss initiated with a Buy at Roth Capital
Roth Capital analyst Richard Baldry started coverage of Synchronoss with a Buy rating and $13 price target. The analyst believes Synchronoss' "unique set" of cloud-based offerings address important new strategic growth avenues for a broadening set of potential customers and expects its depressed valuation to rebound over the year ahead.
08/27/19
ADAM
08/27/19
INITIATION
Target $13
ADAM
Buy
Synchronoss initiated with a Buy at Canaccord
Canaccord analyst Michael Walkley initiated Synchronoss with a Buy and $13 price target.
08/27/19
ADAM
08/27/19
INITIATION
Target $13
ADAM
Buy
Synchronoss initiated with a Buy at Canaccord
As reported previously, Canaccord analyst T. Michael Walkley initiated Synchronoss with a Buy rating as the company has reemerged as a leading TMT software an services provider. The analyst said its current valuation is compelling based on conservative estimates as the market is giving little credit to the improving trends implemented by new management. Walkley has a $13 price target on Synchronoss shares.
09/09/19
ADAM
09/09/19
NO CHANGE
Target $13
ADAM
Buy
Synchronoss weakness a buying opportunity, says Canaccord
Canaccord analyst T. Michael Walkley said the weakness in Synchronoss (SNCR) shares following a short report by Value Investors Club, is a buying opportunity. The analyst said the report suggested Verizon's (VZ) cloud business could face material revenue declines, discusses the well known STI risks, and assumes the company has limited access to new capital to refinance it convertible preferred equity. In addition to explaining each of the points, the analyst said the report does not account for the new major carrier deal that should be announced soon which he believes will be a key driver for Cloud growth in 2020. Walkley reiterated his Buy rating and $13 price target on Synchronoss shares.

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