Synovus Financial (SNV) Running Up on FBR Upgrade
Tweet
Share
E-mailGet Alerts SNV Hot Sheet
Join SI Premium – FREE
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.
You May Also Be Interested In
- Deutsche Bank calls Treasury buyback doubling similar to ’operation twist’
- Citi sees European pulpwood price softness pressuring Stora and SCA
- BofA survey shows European fund managers eye growth despite caution
Create E-mail Alert Related Categories
General News, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
