UPDATE: Morgan Stanley Upgrades Synovus Financial As Prior Rating Has Played Out
In a report published Thursday, Morgan Stanley analyst Ken A. Zerbe upgraded the rating on Synovus Financial (NYSE: SNV) 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 closed on Wednesday at $3.21.
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