Barclays analyst Jared Shaw maintains $Synovus Financial (SNV.US)$ with a buy rating, and adjusts the target price from $49 to $56.
According to TipRanks data, the analyst has a success rate of 50.7% and a total average return of -0.9% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Synovus Financial (SNV.US)$'s main analysts recently are as follows:
Following a third-quarter outcome that surpassed expectations, driven by reduced provisions and robust cost control, guidance for the fourth quarter and initial comments for fiscal year 2025 suggest that the net interest margin remains stable, even amid challenges from Federal Reserve rate reductions. Consequently, earnings per share estimates for both the fourth quarter and fiscal year 2025 have been moderately increased.
The bank reported commendable growth in loans and deposits, along with robust fees and credit, resulting in a comprehensive outperformance.
The company has delivered a robust set of results, showcasing modest margin growth and an increase in net interest income, coupled with a stable balance sheet, decreased credit costs, and effectively controlled core expenses. Recent repositioning efforts and continuous strategic measures are believed to favorably position the firm, creating a foundation for a stable or potentially improving margin, as well as enhancing the prospects for core loan growth 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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