Synovus price target lowered to $41 from $44 at RBC Capital

RBC Capital lowered the firm’s price target on Synovus to $41 from $44 and keeps an Outperform rating on the shares. The company’s Q1 results reflected an “acceptable quarter”, though the stock was weaker than expected on margin and credit questions, the analyst tells investors in a research note. Synovus’s core expense also remained an area of strength, while its core fees were lower, RBC adds, stating that although the company’s credit metrics were more mixed in Q1, the management appears optimistic that trends can be “stable to improving” in the second half of FY24.