Synovus price target lowered to $41 from $46 at Truist

Truist analyst Brandon King lowered the firm’s price target on Synovus to $41 from $46 and keeps a Buy rating on the shares as part of a broader research note on Community Banks previewing the group’s Q4 results with a focus on 2024 guidance. The results will likely be somewhat consistent with the prior quarter, featuring net interest income and net interest margin compression at a slower pace along with normalizing credit quality trends within manageable levels, the analyst tells investors in a research note. The 2024 guidance will likely include Fed rate cut assumptions however, which could result in net interest income and net interest margin trough expectations being deferred to the second half of 2024 or even early 2025, the firm added.