Synovus price target lowered to $48 from $50 at Evercore ISI

Evercore ISI lowered the firm’s price target on Synovus to $48 from $50 and keeps an In Line rating on the shares. The firm expects Q3 regional bank results to “mark a continued fundamental turn that began to take shape last quarter” and believes downside EPS estimate revisions for the lower rate environment and weaker loan trends should help de-risk sector earnings expectations. The firm is “incrementally constructive” on the regional banks group as it argues that rate cuts ultimately alleviate pressure on funding costs, spur loan demand, help credit dynamics, particularly in commercial real estate, and present upside to the sector’s earnings multiple, the analyst tells investors in a regional banks Q3 preview note.