Synovus price target raised to $42 from $38 at Piper Sandler

Piper Sandler analyst Stephen Scouten raised the firm’s price target on Synovus to $42 from $38 and keeps an Overweight rating on the shares after the company filed an updated investor deck to accompany management’s upcoming presentation at an industry conference. There were a few key topics outlined within, including a planned bond portfolio restructuring, an expanded GreenSky relationship, Q4 quarter-to-date progress vs. previous guidance, and newly announced guidance for 2024 – which is better than Piper’s previous expectations and takes its EPS estimates higher. The biggest change in the firm’s model relative to its previous expectations comes on the net interest margin – higher from the bond restructuring as well as incremental detail around fixed-rate loan repricing in 2024/2025.