Synchronoss pullback presents opportunity, says Northland

Northland notes Synchronoss has pulled back over the past month for “no fundamental reason in our view” and says the firm expects the company to at least hit the firm’s Q1 estimates and reiterate guidance. The firm, which also sees Synchronoss progressing through FY24 with more visibility given the pure cloud business model now, views the recent pullback as a buying opportunity and has an Outperform rating and $20 price target on the shares.