Synchronoss upgraded to Buy from Neutral at Roth MKM

Roth MKM upgraded Synchronoss (SNCR) to Buy from Neutral with a price target of $13, up from $11. The company’s streamlined operations and elevated adjusted EBITDA levels in Q2 and Q3 appear to offer a “narrow, but potentially growing,” path to begin accruing equity shareholder value after paying its “burdensome” debt interest and elevated software capitalization costs, the analyst tells investors in a research note. The firm says a path to build shareholder value is emerging for Synchronoss.