Synovus price target lowered to $35 from $37 at DA Davidson

DA Davidson lowered the firm’s price target on Synovus to $35 from $37 after the company pre-announced a “large charge-off” for Q3 as a results of its 10.75% participation in a $218.5M syndicated credit, assumed to be the now-bankrupt Mountain Express Oil Co. The firm is maintaining its Buy rating on Synovus however, stating that the stock’s valuation on Price to Tangible Book Value and Price to Earnings basis is “discounted”.