Synovus Financial: Top Analyst Ups Price Target Amid Intense Deposit Competition

By Don Francis, Editor
April 4, 2024 6:51 AM UTC
Synovus Financial: Top Analyst Ups Price Target Amid Intense Deposit Competition

Truist Securities's Brandon King raised their price target on Synovus Financial (NYSE: SNV) by 7.1% from $42 to $45 on April 1, 2024. The analyst maintained their Strong Buy rating on the stock.

King's update came after Truist Securities revised its interest rate forward curve assumption, expecting 75 basis points in rate cuts in both 2024 and 2025, along with reduced downward deposit betas. According to the analyst, there will be three 25-point cuts in 2024, starting in June of that year, followed by another three 25-point cuts in 2025. King emphasized that deposit competition remains intense and liquidity remains a top priority.

In addition to the update on Synovus Financial, Truist Securities also made changes to several other names in their portfolio on April 1, 2024. The price target for Ameris Bancorp was lowered by 10% from $60 to $54, but the Strong Buy rating was maintained. Cadence Bank saw its price target raised by 3.1% from $32 to $33, also maintaining a Strong Buy rating. The price target for Comerica Inc was raised by 3.3% from $60 to $62, and East West Bancorp Inc saw a 5.9% increase in price target from $85 to $90. The only decrease in price target was for Independent Bank Group Inc, which saw a 10.3% decrease from $58 to $52 while the Strong Buy rating was maintained.

It is worth noting that 75% of top-rated analysts currently rate SNV as a Strong Buy or Buy, while 25% see it as a Hold. No analysts recommend or strongly recommend selling the stock. The consensus forecast among analysts is that SNV's upcoming year will deliver earnings per share (EPS) of $5.8. If the analysts' predictions are accurate, SNV's next yearly EPS will be up by 66.7% on a year-over-year basis.

Looking at the stock performance, since SNV's last quarterly report on December 31, 2023, the stock price has increased by 0.9%. Year-over-year, the stock is up 27.1%. During this period, SNV has outpaced the S&P 500, which has seen a 26.4% increase.

Truist Securities analyst Brandon King is ranked in the top 17% of Wall Street analysts by WallStreetZen, out of a total of 4,532 analysts. King has an average return of 7.7% and a 52.7% win rate. Their specialization lies in the Financial Services sector.

Synovus Financial Corporation is the holding company for Synovus Bank, providing commercial and retail banking services. The bank's commercial services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans. On the retail side, Synovus offers demand and savings deposits accounts, mortgages, installment and other consumer loans, investment and brokerage services, Internet-based banking services, and credit and debit card services. Synovus Bank was founded in 1888 and is headquartered in Columbus, GA.

Is Synovus Financial a Buy, Hold or Sell?

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