Synovus downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Catherine Mealor downgraded Synovus Financial to Market Perform from Outperform with a price target of $38, down from $46. The analyst says net interest income headwinds are pushing the company’s 2024 revenue growth guide to the low end of the range. The firm believes Synovus’ momentum is more muted than anticipated, and that a neutral rating is appropriate “until the trajectory in profitability is more compelling and we have better certainty on credit.”