Synovus price target raised to $60 from $53 at DA Davidson

DA Davidson raised the firm’s price target on Synovus (SNV) to $60 from $53 and keeps a Buy rating on the shares. The company reported stronger than expected Q3 results as revenue beat estimates, while its updated Q4 guidance suggests stable-to-higher revenue and net interest margin, the analyst tells investors in a research note. While asset quality metrics were mixed with higher non-performing loans and lower net charge-offs, credit-related conference call commentary remained positive and was a relative side note to the more positive net interest margin and growth outlook, the firm added.