UPDATE: Raymond James Upgrades Synovus Financial (SNV) to Strong Buy
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(Updated - April 4, 2019 7:38 AM EDT)
(updated to add analyst comments)
Raymond James analyst David Long upgraded Synovus Financial (NYSE: SNV) from Outperform to Strong Buy with a price target of $44.00.
- recent pullback in the stock
- outsized opportunity for market share gain stemming from the recently announced BBT-STI mega merger
- Synovus is well positioned given its size, scale, scope of banking activities, and positioning as the largest Georgia-based bank once the mega merger is complete
- FCB acquisition provides financial flexibility to make outsized investments without having a material impact on profitability or efficiency
Shares of Synovus Financial closed at $35.17 yesterday.
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