FIG Partners Upgrades Synovus Financial to Market Perform

In a report published Friday, FIG Partners upgraded its rating on Synovus Financial Corp. SNV from Underperform to Market Perform with a $2.65 price target. FIG Partners noted, “SNV announced the bulk sale of $530 million classified and criticized loans which were rated nonperforming, substandard, and special mention. A $155 million or a 29% write-down will flow through 4Q-2012 EPS which creates a quarterly loss of $0.14...Recapture of the DTA-Deferred Tax Asset valuation allowance should still occur no later than 2Q-2013, but we expect it is sooner than March 2013. This should add $0.85 per share to tangible book value and permit repayment of TARP in 2Q-2013.” Synovus Financial Corp. closed on Thursday at $2.44.