Market Overview

UPDATE: Bank of America Upgrades Synovus Financial to Buy on Share Pullback

Share:
Related SNV
Wall Street's M&A Chatter From March 29: Cabela's, WebMD, MaxLinear-Exar
Earnings Scheduled For January 17, 2017

In a report published Tuesday, Bank of America analyst Erika Penala upgraded the rating on Synovus Financial Corp. (NYSE: SNV) from Neutral to Buy, and reiterated the $3.00 price target.

In the report, Penala noted, “Bank stock valuations have re-rated materially as balance sheet strength has improved post-crisis. As such, we think remaining incremental upside could be in banks that are on the path to balance sheet de-risking, but whose progression lags peers. In this context, we find SNV, which trades at a 15% discount to forward TBV of $3, to be a classic ‘re-rate' story. We think there are two potential catalysts for a re-rate of SNV: 1) continued credit improvement; and 2) an exit from TARP, which is likely a 3Q13 event. Our PO remains $3 (15% potential upside), which assumes SNV is fairly valued at 1x forward TBV.”

Synovus Financial Corp. closed on Monday at $2.61.

Latest Ratings for SNV

DateFirmActionFromTo
May 2017Bank of AmericaUpgradesBuy
Dec 2016BarclaysUpgradesUnderweightEqual-Weight
Nov 2016Keefe Bruyette & WoodsDowngradesOutperformMarket Perform

View More Analyst Ratings for SNV
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Upgrades Analyst Ratings

 

Related Articles (SNV)

View Comments and Join the Discussion!