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Bear of the Day: Synchronoss Tech (SNCR)

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Synchronoss Technologies (SNCR - Free Report) is the Bear of the Day, albeit a few days after the big move lower.  The stock was crushed for about 40% after the company announced that the CEO and CFO will be leaving.  At the same time, the company guided lower so estimates were hit as well moving the Zack Rank down to a #5 (Strong Sell).

Good News

Out of the bad news of the CEO and CFO leaving, we have some good news to look forward to.  The founder of the company is back as the CEO and he has his CFO that there during his tenure with him.  That 1-2 punch should be good for something, but what that is exactly is not certain. 

We have an earnings announcement coming on May 9, so at that time we can learn a little more about a potential turnaround.  So the stock may see some pressure up to that print, but after that investors should take stock of what the founder says.


Of late, estimates have declined which is why this stock is a Zacks Rank #5 (Strong Sell).  The Zacks Consensus Estimate for 2017 has slipped from $1.96 in April to $1.35 in May.

Estimates were already on a downward trend starting in December of last year.  The 2018 number was $3.09 in November and then $2.77 in December.  That number fell to $2.65 in February and has since moved down to $2.46 in May.



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