In a report published Monday, Jefferies analyst Emlen Harmon reiterated a Hold rating on Synovus Financial SNV, and raised the price target from $2.50 to $3.00.
In the report, Jefferies noted, “The company's announcement of TARP redemption in the near future overshadowed earnings results for 2Q, with the government investment no longer a perceptive yoke on the company. The mix of funding was a slight benefit (+$0.01 annually) to our estimates. Underlying results were decent, with pre-provision earnings a little weaker than expected, but credit metrics pointing to progressively lower costs over the next year and a half.”
Synovus Financial closed on Friday at $3.24.
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