Raymond James analyst Michael Rose downgraded Synovus to Outperform from Strong Buy with a price target of $41, down from $46, following Q4 results that fell short of his forecast and consensus and where its guidance points to a higher expense run rate than previously projected. Specifically, Rose says Synovus' management has engaged Boston Consulting Group to evaluate and implement new revenue and efficiency initiatives to improve operational performance. He adds that while management has been successful with past initiatives, and he has no reason to doubt its success with its new initiatives, the efficiency ratio was notably higher and the opportunity for improvement greater.

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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.