Hold - Price 17.90 on July 21
by Standard & Poor's Equity Research

We're lowering our opinion [on mobile-communications company] Syniverse to Hold, from Strong Buy, on valuation; SVR shares are up [by more than] 30% since the company reported Q1 results on May 8. We expect SVR to report Q2 results on August 5, and see revenue of $130 million, Ebitda [earnings before interest, taxes, depreciation and amortization] of $58 million, and EPS of 32 cents versus 30 cents. We continue to believe that SVR will benefit from strong growth in data, but we believe the economy is having an effect on global roaming. While we believe growth will improve in latter '09, we think the shares are fairly valued at current levels. We are raising our target by $2, to 20, based on revised P/E-to-growth analysis. Market cap: $1.2 billion.

Strong Buy - Price 16.66 on May 7
by Wedbush Morgan

Raising target to 25; was 23. SYN provides tech services to wireless-telecom companies. We expect shares to rally...on solid Q1 results and increased guidance, which surpassed our most optimistic expectations. SYN reported Q1 cash EPS of 37 cents on $115 million revenue...upside was driven primarily from...strength in messaging, mobile-data services, and international expansion. Market cap: $1.1 billion.

Downgraded by Matrix Research from Sell to Strong Sell

Upgraded by Robert W. Baird from Neutral to Outperform
Upgraded by Bear Stearns from Underperform to Peer Perform

From Barron's 4/16/07

"Syniverse provides technology services to wireless-telecommunications companies...These services include technology interoperability, network services, number portability, call processing and enterprise solutions. Lowering price target from $14.50 to $12.50 and 2007 and 2008 estimates, as we see limited evidence supporting a near-term recovery of Syniverse's revenue growth. While management essentially guided for flat growth for 2007, backing out the impact of the [Interactive Technology Holdings] acquisition in June 2006, we estimate an organic revenue decline of 3%. We believe there will be some revenue recovery in 2008, but are lowering our overall long-term growth expectations, which reduces our [discounted cash-flow]-based valuation from 14.50 to 12.50."

I own

Downgraded by Bear Stearns from Peer Perform to Underperform
Downgraded by Avondale Partners from Mkt Outperform to Mkt Perform
Downgraded by Kaufman Bros from Buy to Hold