Synovus upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Synovus to Overweight from Equal Weight with a price target of $46, up from $39. The firm says “now is the time to re-engage” shares given the bank’s focus on building capital and improving its earnings run rate. The work Synovus started last June to strengthen its capital and earnings is mostly complete, the analyst tells investors in a research note. Given these moves and the anticipated benefit to net interest income from the securities reinvestment, Barclays increased estimates and upgraded the shares.