Notable Calls

Goldman Sachs out positive on Synchronoss (NASDAQ:SNCR) following meetings with co's management. Firm says they came away with greater clarity on the company's approach to its revised 2008 expectations. They believe management has a strong appreciation of its need to rebuild credibility with the investment community after two quarters of disappointment due to the iPhone, and therefore decided to make adjustments around guidance to provide a baseline from which it can be constructive going forward.

Firm retains their Buy rating due to the strength in non-iPhone core accounts which are set to accelerate throughout 2008 and into 2009, as well as belief that iPhone contributions have now been appropriately managed down. At this juncture, iPhone trends are largely outside management's control, with unlocked activity resulting in very low visibility into volumes. As a result, iPhone revenue expectations now incorporate meager volume assumptions for the rest of 2008, in our view, in an effort to avoid further disappointment. Additionally, they believe the low end of guidance factors in a risk that iPhone revenue in 2H08 could be close to zero should the activation process shift away from the current on-line model, although they believe Apple would likely be reluctant to allow for this change.

Goldman expects the stock will recover from this near-term set-back and that trends outside of the iPhone remain robust.

Notablecalls: The little hairs on the back of my neck are tingling. This is how wonderful I think the call is. Going to re-issue my Actionable Call Alert!

PS: I suspect SNCR will trade over the $13 level as soon as today. - fyi