Synovus price target raised to $37 from $34 at Truist

Truist analyst Brandon King raised the firm’s price target on Synovus to $37 from $34 and keeps a Buy rating on the shares. The analyst believes that deposit cost pressure will persist in the near term, resulting in lower net interest income through the end of the year, but there should be expansion in 2024 from maturing swaps and fixed rate repricing. Credit quality at Synovus is also normalizing at a faster pace than peers, the firm tells investors in a research note.