UPDATE: Morgan Stanley Upgrades Synovus Financial Corp. to Equal-Weight, Raises PT as Prior Rating has Played Out

In a report published Thursday, Morgan Stanley analyst Ken A. Zerbe upgraded the rating on

from Underweight to Equal-Weight, and raised the price target from $3.20 to $3.30. In the report, Morgan Stanley noted, “Our prior Underweight rating on SNV has played out. With the stock down 11% year-to-date, combined with decent 1Q14 results, we expect the shares to perform in line with peers from here. Our new $3.30 PT implies 3% upside (versus 4% for peers) for a much more balanced risk-reward.” Synovus Financial Corp. closed on Wednesday at $3.21.