Synovus price target raised to $57 from $49 at RBC Capital

RBC Capital raised the firm’s price target on Synovus (SNV) to $57 from $49 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company’s results were solid with modest margin expansion and net interest income growth, a stable balance sheet, lower credit costs, and well managed core expenses, the analyst tells investors in a research note. Synovus’s recent balance sheet repositioning and ongoing strategic initiatives position the company well and set up a stable to upwardly biased margin, along with accelerating core loan growth opportunities over the near to medium term, RBC added.