$SNCR Synchronoss Technologies Has Room To Run and Gaps To Fill$SNCR has been one of the most beaten down names in the tech sector. The stock once traded as high as $52.50 a share before starting its long descent.
Now, things look to be turning for the company and its stock. Roth Capital analyst Richard Baldry initiated coverage on the cloud-based enterprise computing and messaging specialist with a buy rating and a $13 price target.
This follows the company's investor day where participants liked what they heard in terms of $SNCR longer-term growth, sales, and capital-allocation strategies.
With all the gaps needed to be filled overhead and the depressed nature of the stock, we believe $SNCR can make a serious run higher. Shares are now trading above their 20, 50 and 200-day moving averages. It would not surprise us to see a quick move to the $10 to $12 region.
As always, trade with caution and use protective stops.
Good luck to all!
