Fly News Breaks for January 27, 2020
Jan 27, 2020 | 07:38 EDT
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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