Synovus price target raised to $57 from $48 at BofA

BofA raised the firm’s price target on Synovus (SNV) to $57 from $48 and keeps a Buy rating on the shares. Following a Q3 beat that was credit driven by lower provisions and strong expense discipline, Q4 guidance and preliminary FY25 commentary indicates net interest margin stability despite headwinds from Fed rate cuts, the analyst tells investors. The firm raised its Q4 and FY25 EPS estimates by 1.8% and 2.7%, respectively, following the quarterly report.