UPDATE: Credit Suisse Raises PT on Synchronoss Technologies Following Cloud Services Revenue Analysis

In a report published Friday, Credit Suisse analyst Michael Nemeroff reiterated an Outperform rating on Synchronoss Technologies (NASDAQ: SNCR), and raised the price target from $33.00 to $40.00.

In the report, Credit Suisse noted, “Our new Cloud Services revenue analysis gives us more confidence in our 2013 estimates; raising 2014 EPS estimate. Revenue mix shifting more to Cloud Services should boost earnings by raising SNCR's blended margins. Cloud Services revenue opportunity could be as large as $1.0-1.4B through 2017.”

Synchronoss Technologies closed on Thursday at $28.48.