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Fly News Breaks for September 9, 2019
SNCR, VZ
Sep 9, 2019 | 07:22 EDT
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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