RBC Capital analyst Jon Arfstrom maintains $Synovus Financial (SNV.US)$ with a buy rating, and adjusts the target price from $49 to $57.
According to TipRanks data, the analyst has a success rate of 60.2% and a total average return of 17.2% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Synovus Financial (SNV.US)$'s main analysts recently are as follows:
The recent quarterly outperformance by Synovus was attributed to lower provisions and robust expense management. Looking ahead, commentary for Q4 and preliminary expectations for FY25 suggest that the net interest margin will remain stable, even in the face of potential Federal Reserve rate reductions. Following these developments, estimates for Q4 and FY25 earnings per share have been adjusted upwards.
Post the Q3 report, the bank demonstrated strong growth in loans and deposits along with solid fees and credit performance, resulting in a comprehensive beat.
Following the third quarter earnings surpassing expectations, the company demonstrated robust performance with slight margin growth and an increase in net interest income, a consistent balance sheet, reduced credit expenses, and effectively controlled fundamental expenses. Moreover, the company's recent balance sheet restructuring and continuous strategic actions place it in a favorable position, establishing a foundation for a steady to improving margin, as well as enhancing core loan growth prospects in the near to medium future.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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