Synovus Financial rises after Barclays upgrades to 'overweight', raises PT

Synovus Financial

24/06/2024 13:37

** Shares of regional bank Synovus Financial  SNV.N  rise
1.2% to $37.80 premarket
    ** Barclays upgrades SNV to "overweight" from "equal
weight"; raises PT to $46 from $39, a 23.1% upside to stock's
last close
    ** Brokerage thinks the bank is better positioned for future
growth and expects to see a step-up in profitability given SNV's
work over the past 12 months to restructure its balance sheet
and cost structure
    ** SNV has restructured its securities portfolio, limited
indirect lending growth and reduced its dependence on the
commercial real estate sector, which has been hammered by higher
interest rates - Barclays 
    ** Eleven of 17 brokerages rate the stock "buy" or higher
and six "hold"; their median PT is $44 - LSEG
    ** As of last close, SNV shares down 0.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))