Synovus price target lowered to $48 from $50 at JPMorgan

JPMorgan analyst Steven Alexopoulos lowered the firm’s price target on Synovus to $48 from $50 and keeps an Overweight rating on the shares post the Q1 report. With Synovus reporting Q1 core earnings below expectations by a wide margin tied to net interest margin declining more than expected and pressure on credit quality, the shares lagged peers by a wide margin, the analyst tells investors in a research note. The firm says that while the Q1 results “are a bit of a setback,” it still views Synovus as “eventually moving ahead of the pack in key growth metrics over the long term and would take advantage of the weakness.”