Synovus Financial (SNV) Running Up on FBR Upgrade
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Synovus Financial Corp. (NYSE: SNV) shares have been rocketing up this morning, up more than 18% to $2.11 in late morning trades.
Synovus was upgraded early this morning by FBR research, from Underperform to Market Perform. FBR also maintained their price target of $2.50.
The analyst said that SNV is now a "high-risk, high-reward" stock, after trading down 54% since their last downgrade in September. FBR noted that SNV has "commerical exposure to work through," and expect "net charge-offs and foreclosure-related expenses to remain elevated for the next several quarters."
FBR states that the shares are trading at a significant discount, now at 0.7x Q310 tangible book value.
Synovus was upgraded early this morning by FBR research, from Underperform to Market Perform. FBR also maintained their price target of $2.50.
The analyst said that SNV is now a "high-risk, high-reward" stock, after trading down 54% since their last downgrade in September. FBR noted that SNV has "commerical exposure to work through," and expect "net charge-offs and foreclosure-related expenses to remain elevated for the next several quarters."
FBR states that the shares are trading at a significant discount, now at 0.7x Q310 tangible book value.
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