Raymond James Downgrades Synovus Financial (SNV) to Outperform
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Raymond James analyst Michael Rose downgraded Synovus Financial (NYSE: SNV) from Strong Buy to Outperform with a price target of $41.00 (from $46.00).
The analyst commented, "We are downgrading SNV shares from Strong Buy to Outperform and reducing our price target to $41 following 4Q19 results that fell short of our forecasts/consensus and where its guidance points to a higher expense run rate than previously projected. More specifically, management has engaged Boston Consulting Group (BCG) to evaluate and implement new revenue and efficiency initiatives to improve operational performance. These new efforts, of which 8-10 initiatives should to be implemented in 2020, are expected to mitigate purchase accounting accretion headwinds and drive the efficiency ratio back to the low 50% range longer-term. While management has been successful with past initiatives, and we have no reason to doubt its success with its new initiatives, the efficiency ratio (and thus the opportunity set) was notably higher and thus the opportunity for improvement greater."
Shares of Synovus Financial closed at $36.64 yesterday.
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