Synovus price target raised to $42 from $41 at Truist

Truist raised the firm’s price target on Synovus to $42 from $41 and keeps a Buy rating on the shares. The firm is raising its FY24 EPS view by 7c to $4.12 and its FY25 view by 30c to $4.55, citing its expectations for higher net interest income in 2025 and share repurchases. Truist adds that it sees some net interest margin compression in mid 2024 considering its Fed rate cut assumptions, but there should be expansion beginning in Q4 driven by maturing swaps.