Raymond James downgraded Synovus Financial to Market Perform from Strong Buy without a price target. The company’s Q1 results fell notably short of expectations, driven by greater net interest margin compression coupled with ongoing credit migration, which investors will not overlook after a few recent impairments and charge-offs, the analyst tells investors in a research note. The firm is stepping to the sidelines based on initial downward earnings revisions and the stock’s relative year-to-date outperformance.
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