$SNCR Synchronoss Technologies Has Room To Run and Gaps To Fill

SNCR has been one of the most beaten down names in the tech sector. The stock once traded as high as $52.50 a share before starting its long descent.

Now, things look to be turning for the company and its stock. Roth Capital analyst Richard Baldry initiated coverage on the cloud-based enterprise computing and messaging specialist with a buy rating and a $13 price target.

This follows the company's investor day where participants liked what they heard in terms of SNCR longer-term growth, sales, and capital-allocation strategies.

With all the gaps needed to be filled overhead and the depressed nature of the stock, we believe SNCR can make a serious run higher. Shares are now trading above their 20, 50 and 200-day moving averages. It would not surprise us to see a quick move to the $10 to $12 region.

As always, trade with caution and use protective stops.

Good luck to all!