D.A. Davidson analyst Gary Tenner maintains $Synovus Financial (SNV.US)$ with a buy rating, and sets the target price at $60.
According to TipRanks data, the analyst has a success rate of 75.2% and a total average return of 19.7% 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 performance exceeded expectations, propelled by reduced provisions and robust cost management. Looking ahead, the forecast for the fourth quarter and preliminary comments for fiscal year 2025 suggest that the net interest margin will remain stable, even in the face of potential challenges from Federal Reserve rate reductions. Consequently, earnings per share projections for the fourth quarter and fiscal year 2025 have been revised upwards.
Following the Q3 report, Synovus displayed impressive growth in loans and deposits along with robust fee income and credit performance, resulting in a comprehensive outperformance.
The company's Q3 earnings surpassed expectations, marked by a solid performance with slight margin growth and an increase in net interest income, a steady balance sheet, reduced credit costs, and effectively controlled core expenses. The recent repositioning of the company's balance sheet, coupled with ongoing strategic efforts, places the firm in a favorable position for a stable or potentially increasing margin, as well as providing opportunities for accelerated core loan growth in the short to medium term.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
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.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
