Synchronoss Technologies, Inc. (NASDAQ:SNCR) Receives Nasdaq Letter

Synchronoss Technologies, Inc. (NASDAQ:SNCR) has announced that its request to extend its stay of suspension has been granted by Nasdaq Stock Market’s Hearings Department. The company said the decision was communicated in a letter from the department pending a full hearing by the Nasdaq Hearings Panel which is expected in January 2018 upon which a full and final decision from the panel will be issued.

Synchronoss Technologies recently announced it will be presenting its plan to regain compliance with all the listing rules of Nasdaq in its January 2017 submission.  The company will also formally present a request for continued listing of its stock on Nasdaq as the company works to make its fillings with the Securities and Exchange Commission current. After the submission, and according to Nasdaq Listing Rules, the panel may decide to extent the company’s listing for not more than 180 days effective the date of delisting according to the delisting notice.  The notice delisting Synchronoss Technologies was issued on November 15, 2017. It however remains under speculation whether the company’s request of extension will be granted.

In a recent report released recently, Deutsche Bank maintained its hold rating of Synchronoss Technologies shares. The bank priced the company’s share at $8.00, a drop from $18.00 that was issued in the previous report. A number of research companies have also issued their reports on the company. Credit Suisse Group restated an underperform rating and priced the company’s shares at $8.00 from the $13.00 that was issued in the previous report.

Stifel Nicolaus maintained a hold rating and issued a price target of $10.00 down from $16.00 that was issued in the previous report. BidaskClub upgraded the company’s shares from a strong sell rating to a sell in a report released recently. On the other hand, Raymond James Financial downgraded the company’s shares from an outperform rating to an underperform rating and gave a price projection of $18.00. Zacks Investment Research downgraded the shares from a hold rating to a sell in a report released recently.

Scott Sally

Scott Sally

Sally joined the US Markets Daily News Team in April 2011 as a Multimedia Journalist.