Citi analyst Ben Gerlinger initiates coverage on $Synovus Financial (SNV.US)$ with a buy rating, and sets the target price at $53.
According to TipRanks data, the analyst has a success rate of 72.4% and a total average return of 16.1% 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 regional bank sector maintains a positive outlook due to the belief that the most opportune time to acquire bank stocks is during the shift from a late to an early cycle. Seen as a 'high-quality regional with a clearly discounted valuation', there seems to be room for positive adjustments to net interest income forecasts, driven by an enhanced growth perspective.
As the third-quarter earnings season approaches for regional banks, it is anticipated that the fundamental trends will reflect what recent conferences have suggested, such as generally stable net interest margins, minimal loan growth, robust deposit growth, and steady credit trends. Looking ahead, with the Federal Reserve cutting the funds rate and the yield curve reverting to a more typical shape, several challenges that the industry has faced in the past few years are expected to become supportive factors in the upcoming quarters.
Note:
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