Canaccord Genuity recommends buying Synchronoss Technologies (NASDAQ:SNCR) shares at a "compelling entry point."
Analyst T. Michael Walkley says the declines followed an anonymous short seller report, and notes the report didn't take into account a "new major carrier deal that should be announced soon." Walkley says it's "highly unlikely" that Verizon would cancel its contract next year, as the report claimed.
Canaccord maintains a Buy rating and $13 price target. The company has an Outperform average Sell Side rating.
SNCR shares are flat pre-market at $6.50.
Subscribe for full text news in your inbox