Compass Point Maintains a 'Neutral' on Synovus Financial (SNV); Adjusting Estimates as Credit Improves, But Revenue Growth Sluggish
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Price: $50.05 --0%
Rating Summary:
15 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
15 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Compass Point maintains a 'Neutral' on Synovus Financial (NYSE: SNV) price target revised to $2.35.
Analyst, Mike Turner, said, "Credit continues to improve, and while NPA levels remain elevated, the underlying trends should be enough to alleviate lingering concerns. More importantly, revenue growth is sluggish and as we look beyond the the credit improvement, we struggle to project the company earning more than $0.20 proforma for the TARP repayment. While the recognition of SNV's DTA (approximately $0.87/shr) will serve as a major boost to TBV, we view the reversal as largely optics since the regulatory benefit won't likely accrue until a later date."
Turner cuts FY12 EPS estimate from $0.15 to $0.12 and FY13 raised from $0.23 to $0.27.
For an analyst ratings summary and ratings history on Synovus Financial click here. For more ratings news on Synovus Financial click here.
Shares of Synovus Financial closed at $2.13 yesterday.
Analyst, Mike Turner, said, "Credit continues to improve, and while NPA levels remain elevated, the underlying trends should be enough to alleviate lingering concerns. More importantly, revenue growth is sluggish and as we look beyond the the credit improvement, we struggle to project the company earning more than $0.20 proforma for the TARP repayment. While the recognition of SNV's DTA (approximately $0.87/shr) will serve as a major boost to TBV, we view the reversal as largely optics since the regulatory benefit won't likely accrue until a later date."
Turner cuts FY12 EPS estimate from $0.15 to $0.12 and FY13 raised from $0.23 to $0.27.
For an analyst ratings summary and ratings history on Synovus Financial click here. For more ratings news on Synovus Financial click here.
Shares of Synovus Financial closed at $2.13 yesterday.
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