In a report issued on August 2, Marshall Senk from Rosenblatt Securities maintained a Buy rating on Synacor Inc (NASDAQ: SYNC), with a price target of $4.75. The company’s shares closed on Friday at $2.05.
Senk wrote:
“We adjusted our FY2018 forecast to reflect the company ’s Q2 results and the impact of the cost reduction plans that are targeting a total of $8 million in annual savings.”
According to TipRanks.com, Senk is a 5-star analyst with an average return of 22.5% and a 72.9% success rate. Senk covers the Technology sector, focusing on stocks such as Proofpoint Inc, Salesforce.com, and Carbonite Inc.
Currently, the analyst consensus on Synacor Inc is a Strong Buy with an average price target of $3.94, which is a 92.2% upside from current levels. In a report issued on August 2, Lake Street also maintained a Buy rating on the stock with a $3 price target.
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Based on Synacor Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.58 million. In comparison, last year the company had a GAAP net loss of $3.28 million.
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Synacor, Inc. engages in the development of technology based services. It enables customers to use technology platforms and services to scale businesses and extend subscriber relationships. Its products include managed portals, advertising solutions, email and collaboration platforms, and cloud-based identity management.
