Synovus price target lowered to $31 from $37 at Jefferies

Jefferies lowered the firm’s price target on Synovus to $31 from $37 and keeps a Buy rating on the shares. The firm is introducing 2025 EPS estimates for its U.S. banks coverage and updating its Fed rate forecasts to reflect two cuts in 2024 and four rate cuts in 2025. The firm is looking for net interest income to stabilize in 2024, but there are “tons of factors” to determine how and when, the analyst tells investors.