Baird sees more value in Syneos than market, but says buyer would ‘need resolve’

After Reuters reported Syneos Health (SYNH) is making a new effort to sell itself, Baird analyst Eric Coldwell argues that the "there is more value to SYNH than the market ascribes," but also adds that an "acquirer would need some resolve" given the recent woes in Q3 and Q4. The firm, which maintains an Outperform rating and $51 price target on Syneos shares, believes the "multiple would be higher than the stock reflects today" if a strategic or financial buyer did the due diligence and got comfortable with what they found. Syneos shares are up $3.36, or 9%, to $41.23 in afternoon trading following Reuters’ report earlier.