Boston, MA 03/20/2014 (wallstreetpr) – We start off with the reason shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) were flying in Wednesday session. Perhaps that should help understand the conduct of the shares in today’s session. The shares closed at up $36.44, managing to touch a new 4-month high on the day that was widely active with above average volume of shares changing hands.
The strength witnessed in the stock in Wednesday session would not have been possible had it not been for the action by Well Fargo Co. (NYSE:WFC). The analysts at the bank raised their price target on the stock of Synchronoss Technologies, Inc. (NASDAQ:SNCR) to between $46 and $48 per share. That was significantly up from the previous price target of between $38 and $41 per share.
Looking at the margin of change in Wells Fargo’s price target, it is clear that analysts are increasingly becoming more bullish on the stock than ever before in recent times.
Respectable management
The optimism growing around the stock can be seen to reaffirm the growing confidence in the management team in place at Synchronoss Technologies. The management has issued attractive growth plans and is turning every word into action by continually attracting more customers.
According to the company’s president and COO Bob Garcia, Synchronoss Technologies is witnessing rapid growth in its international business. This is best indicated by the recent addition of Telstra, Vodafone and Telefonica to its customer roster. With a management that implements it words as is the case in Synchronoss Technologies, you can always expect things to get better.
Going for more
Synchronoss Technologies is not done with going for more business in the international market, thus the company just added a veteran to its management team to help it attain greater international growth. The company appointed Mr. Chris Halbard as EVP and leader of its international business. Mr. Halbard comes with a wealth of experience and expertise that will help the company to speed up its global growth.
