Synchronoss Technologies Inc (NASDAQ:SNCR) stock is picking up steam after analysts at Roth initiated coverage of the cloud software company with a Buy rating.
Analyst Richard Baldry issued a $13 price target early Tuesday, almost double the company’s Monday close of $6.67.
The stock climbed 6.1% to $7.80 midday Wednesday.
Baldry was impressed with the Bridgewater, New Jersey company’s Digital Experience Platform, which helps telecommunications companies automate customer activation and other processes.
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The analyst expects growth to accelerate in the near-term as its product spreads to a broadening pool of customers.
“We believe Synchronoss is likely to emerge as an important player in the cloud-infrastructure space,” Baldry wrote “Through its understanding of the next-generation needs of its telecom-centric customer base, with extensibility to support a broader set of corporate prospects looking to compete for the next generation of cloud-based services, we believe Synchronoss is likely to become relevant again to growth investors.
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