Credit Suisse Downgrades Synovus Financial to Neutral

Credit Suisse lowers its rating on Synovus Financial

to Neutral from Outperform as it embeds DTA recovery and M&A potential into model. Credit Suisse notes, "With the stock at a modest premium to peers on pre-rate hike '14 EPS and 1.0x current TBV (TBV will rise w/ DTA recovery), we now estimate our thesis of DTA recovery (in next 12 months) and successful TARP repayment by YE '13 is now expected by the market. Additionally, at these levels, we estimate the M&A opportunity is weaker given lower accretion potential for acquirers." SNV closed at $2.14 a share on Thursday.