Synovus price target raised to $55 from $47 at DA Davidson

DA Davidson raised the firm’s price target on Synovus to $55 from $47 and keeps a Buy rating on the shares after its Q2 earnings beat. The results were a “positive step” for the company as its asset quality metrics improved across the board, including a lower loan loss provision that supported earnings, the analyst tells investors in a research note. The consistent guidance from Synovus on the credit side is likely the most important takeaway this quarter, the firm added.