UPDATE: Jefferies Raises PT on Synovus Financial Following TARP Announcement

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.