Synovus price target lowered to $40 from $42 at Wells Fargo

Wells Fargo lowered the firm’s price target on Synovus to $40 from $42 and keeps an Overweight rating on the shares. Synovus has shifted into the “prove it” camp following the disappointing Q1 results, but Wells thinks the stock reaction was overdone given that the FY25 outlook is largely intact, the analyst tells investors in a research note.