Synovus price target raised to $37.50 from $32 at DA Davidson

DA Davidson analyst Kevin Fitzsimmons raised the firm’s price target on Synovus to $37.50 from $32 and keeps a Buy rating on the shares. The company gave a favorable mid-Q4update as well as a net favorable initial outlook for 2024, indicating bottoming and expanding net interest margins, rising core deposits, and flattish core expenses, the analyst tells investors in a research note. The bank also pulled the trigger on a bond restructuring transaction in Q4, providing some helpful net interest margin tailwind going into next year, the firm added.