DA Davidson analyst Gary Tenner raised the firm’s price target on Synovus to $47 from $43 and keeps a Buy rating on the shares. The company’s mid-quarter update indicated that it was working to reduce its risk weighted assets by $1B-$2B, in turn generating $100M-$200M of CET1 capital to be used to offset the capital cost of a bond restructuring, the analyst tells investors in a research note.
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