Truist Financial analyst Brandon King maintains $Synovus Financial (SNV.US)$ with a buy rating, and sets the target price at $57.
According to TipRanks data, the analyst has a success rate of 69.5% and a total average return of 15.6% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Synovus Financial (SNV.US)$'s main analysts recently are as follows:
Synovus' third-quarter EPS beat and improved guidance for the fourth quarter indicate that net interest income is surpassing expectations, suggesting that the near-term shortfall in NII due to lower rates is not as severe as anticipated.
Synovus' third quarter performance, which surpassed expectations, was bolstered by reduced provisions and notable expense management. Looking ahead, commentary regarding the fourth quarter and early forecasts for Fiscal Year 2025 suggest that the net interest margin is expected to hold steady, even in the face of potential Federal Reserve rate reductions. Consequently, earnings per share projections for both the fourth quarter and Fiscal Year 2025 have been revised upwards by 1.8% and 2.7%, respectively, in the wake of these results.
Following the Q3 report, the bank showcased robust growth in loans and deposits along with strong fees and credit, resulting in a comprehensive outperformance.
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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