Fly News Breaks for October 23, 2019
Oct 23, 2019 | 07:22 EDT
RBC Capital analyst Steven Duong downgraded Synovus to Sector Perform from Outperform with a price target of $39, down from $42. The analyst says his new rating reflects the increased net interest margins for the company, along with more limited visibility in its previously anticipated loan growth and reduced expectations of stock buybacks next year. Duong adds that while Synovus shares look "fairly cheap" at 134% tangible book value, the challenging sentiment will be "difficult" to change in the near future.
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