UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Synovus Financial Corp.
In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Synovus Financial Corp. (NYSE: SNV), and slightly raised its price target from $2.25 to $2.50.
Jefferies noted, “Synovus began to show progress on core earnings power in 3Q12, with loans showing modest growth, NIM improving, and continued progress on expense saves. The company also solidified timing around recapture of its DTA (effectively 1H13), which should lead to TARP redemption. We build each event into our model.”
Synovus Financial Corp. closed on Tuesday at $2.44.
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