Synovus downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst John Pancari downgraded Synovus Financial to In Line from Outperform with a $40 price target. The analyst believes the stock’s valuation fairly discounts the bank’s fundamental outlook, particularly post the “solid outperformance amid a still challenging banking backdrop.” The firm says Synovus’s valuation now fairly reflects the banks’ earnings outlook.