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Fly News Breaks for January 27, 2020
Jan 27, 2020 | 08:58 EDT
SunTrust analyst Jennifer Demba lowered her price target on Synovus to $42 after its Q4 earnings miss and also lowered her FY20 and FY21 EPS views by 22c and 23c to $3.42 and $3.64 respectively. The analyst notes that her revisions are driven by the bank's higher expenses and loan loss provisions in the quarter, with the company also having hired a "significant" amount of new talent amid its further investment in technology. Demba adds that positive operating leverage is unlikely for Synovus until 2021, but she keeps her Buy rating and contends that the weakness in the stock price presents a buying opportunity.
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