Synovus price target lowered to $40 from $44 at BofA

BofA analyst Ebrahim Poonawala lowered the firm’s price target on Synovus to $40 from $44 and keeps a Buy rating on the shares after Q1 EPS missed the firm’s and consensus expectations, driven by lower net interest income due to greater than expected sequential compression in the net interest margin. Following the report, the firm reduced its price target to reflect EPS revisions and lower assigned valuation multiples.