Synovus Financial (SNV) PT Raised to $24 at Raymond James After Hosting Investor Meetings
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Raymond James analyst Michael Rose raised the price target on Synovus Financial (NYSE: SNV) to $24.00 (from $21.00) after hosting investor meetings with Kevin Blair (President & COO), Jamie Gregory (CFO) and Kevin Brown (Investor Relations)
The analyst maintained an Outperform rating stating "While credit metrics will be impacted from the impacts of the pandemic in coming quarters, its "at-risk" loan exposure of 12% (17.5% if including senior housing) ranks in the bottom third of our collective 139 bank coverage universe (link) where its loan portfolio has de-risked significantly since the Great Financial Crisis (GFC). Moreover, the company's footprint is in Southeastern markets (~80% of deposits Georgia & Florida) that have begun to re-open more quickly than other areas of the country and which should begin to rebound
quicker. Coupled with the boost in income from ~$2.9 billion in PPP loans it generated (~$87 million assuming a blended fee of 3%), the ability to maintain the dividend at current levels in our view, and takeout appeal, we continue to view risk-reward positively".
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