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Fly News Breaks for July 12, 2019
SNV
Jul 12, 2019 | 06:42 EDT
RBC Capital analyst Steven Duong initiated Synovus with an Outperform rating and a price target of $42, saying the company's current financial performance and expected growth from its FCB Financial acquisition warrants a higher valuation. The analyst believes that the FCB deal deepens Synovus' presence in the "fast growing" Florida market, with the transition going smoothly and ahead of schedule. Duong also contends that the company's balance sheet has been de-risked with a more balanced loan portfolio since the financial crisis and expects its positive operating leverage trends to continue.
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