Synovus price target lowered to $43 from $45 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on Synovus to $43 from $45 but keeps a Buy rating on the shares after its Q1 earnings miss. The primary driver of the miss was lower than projected net interest income and higher provision expense, with the company’s net interest margin compression greater than expected and credit metrics being weakened, the analyst tells investors in a research note. The optics of the credit noise this quarter appear worse than the reality however, with resolution of the C&I aviation credit already completed and the loss content within the MFR portfolio not being viewed as significant, the firm added.