Keefe Bruyette analyst Jefferson Harralson downgraded ark Synovus to Market Perform citing the recent outperformance of the shares. The analyst raised his price target for the stock to $39 from $36.

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Wells Fargo lowered the firm's price target on Synovus to $40 from $42 and keeps an Overweight rating on the shares. Synovus has shifted into the "prove it" camp following the disappointing Q1 results, but Wells thinks the stock reaction was overdone given that the FY25 outlook is largely intact, the analyst tells investors in a research note.

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Reports Q1 revenue $537.73M, consensus $547.63M. An incremental $12.8M FDIC special assessment reduced first quarter reported and adjusted EPS by 7c. A $51M FDIC special assessment impacted fourth quarter 2023 reported and adjusted EPS by 26c. "Our first quarter results demonstrate tangible progress on our strategic priorities, including key commercial category loan and core deposit growth, client non-interest revenue growth and excellent operating expense control. We remain focused on raising the bar on service and deepening client relationships, all while building a more risk-resilient bank, which was evidenced by our highest common equity tier 1 capital ratios in several years and an over 30% decline in wholesale funding versus last year," said Synovus Chairman, CEO and President Kevin Blair.