Truist lowered the firm’s price target on Synovus to $39 from $45 but keeps a Buy rating on the shares. The company reported a Q1 earnings miss but the stock remains “attractive” as its net interest margin trajectory is “still relatively intact” through 2025, the analyst tells investors in a research note. The biggest question mark regarding Synovus is credit quality as Synovus was already a “show me” story on credit, Truist states, addign that while the jump in non-performing loans is “bad optics”, the firm is “less apprehensive” since “just one credit” was responsible.
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