Keefe, Bruyette and Woods Upgrades Synovus Financial (SNV) to Market Perform on Valuation
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Keefe, Bruyette and Woods upgrades Synovus Financial Corp (NYSE: SNV) to Market Perform. Price target $8.
Keefe analyst says, "We are upgrading the shares of Synovus to Market Perform from Underperform on the recent weakness in the stock as evident by the 35% decline since mid- September. We continue to feel that SNV's earnings will be under pressure, with losses projected for the next 4 quarters, primarily related to its residential construction exposure (25% of loans). We are leaving our price target unchanged at $8...There is a risk that Synovus could complete a large acquisition that would be dilutive to shareholders or the integration of the acquisition could have an adverse impact on operating results. In addition, SNV's commercial-focused bank operations are sensitive to the economy of its southeast regional markets."
Synovus Financial Corp. is a diversified financial services company.
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