Synovus price target raised to $50 from $44 at Truist

Truist analyst Brandon King raised the firm’s price target on Synovus to $50 from $44 and keeps a Buy rating on the shares. The company delivered a “solid” quarter with improving credit trends and stronger revenue, driven by the securities restructuring and capital markets income, and investors are turning “more confident” in the management’s outlook for flat to down net charge offs in the second half of the year, which should improve overall sentiment, the analyst tells investors in a research note. The relatively stable deposit outlook is also supported by seasonally stronger growth in the second half of the year, the firm added.