UPDATE: Seaport Global Securities Starts Synovus Financial (SNV) at Buy

(Updated - March 24, 2021 6:22 AM EDT)

Seaport Global Securities analyst David Bishop initiates coverage on Synovus Financial (NYSE: SNV) with a Buy rating, PT $53.00.

The analyst comments "Initiating on Synovus Financial Corp. (SNV) with a Buy rating and $53 target price equating to 14.0x our 2022 EPS estimate of $3.79 (2021 EPS estimate is $3.60). Management of SNV is targeting top-quartile performance through an improved profitability profile that incorporates ~$175MM of projected pre-tax expense/revenue benefits over the next two years under the Synovus Forward project launched last January. We project the benefits from this initiative to translate to a gradual build in ROA over the next year closer to the company's SE regional bank peer group. Trading at almost a full-turn discount to peers on an earnings' basis (inline with on TBV basis), we find the valuation compelling within a sector where discounted valuations are becoming increasingly scarce. Combined with a strong deposit market share position across much of its Southeastern US footprint, we believe the shares warrant purchase consideration at this time."

For an analyst ratings summary and ratings history on Synovus Financial click here. For more ratings news on Synovus Financial click here.

Shares of Synovus Financial closed at $44.68 yesterday.

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