Morgan Stanley analyst Manan Gosalia maintains $Synovus Financial (SNV.US)$ with a hold rating, and adjusts the target price from $51 to $55.
According to TipRanks data, the analyst has a success rate of 60.2% and a total average return of 11.5% 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' recent performance in Q3, along with their positive guidance for Q4, indicates that net interest income is surpassing expectations, and the anticipated dip in NII due to declining rates is not as severe as initially predicted.
Following a third-quarter performance that exceeded expectations due to lower provisions and robust cost control, expectations for the fourth quarter and early outlook for fiscal year 2025 suggest that the net interest margin will remain stable, even with challenges from Federal Reserve rate reductions. Subsequent to the quarterly release, estimates for the fourth quarter and fiscal year 2025 earnings per share have been modestly increased.
The bank demonstrated strong performance with significant growth in loans and deposits, coupled with robust fees and credit, resulting in a broad-based beat.
Note:
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