Synovus Financial stock price target maintained at $60 by DA Davidson

Investing.com - DA Davidson has reiterated its Buy rating and $60.00 price target on Synovus Financial (NYSE:SNV), aligning with the broader analyst consensus that sees potential upside. According to InvestingPro data, analyst targets range from $54 to $67, with the stock currently trading at attractive valuations with a P/E ratio of 14.9x.

The financial services firm maintained its positive outlook on the regional bank following Synovus’s latest earnings report, which showed earnings per share results that exceeded expectations, primarily due to lower than anticipated loan loss provisions. The $7.37 billion market cap institution has shown strong momentum, with 11 analysts recently revising their earnings estimates upward, as tracked by InvestingPro.

DA Davidson highlighted that Synovus’s pre-provision net revenue (PPNR) per share reached $1.99, representing a sequential increase that surpassed both the firm’s and Wall Street’s expectations.

The research note pointed to improving credit metrics as a positive trend for Synovus, alongside accelerating loan growth that reached an 8.3% linked-quarter annualized rate.

DA Davidson also noted that Synovus has raised its guidance for both loan growth and total revenue for the full year 2025, factors that appear to support the firm’s maintained Buy rating and price target.

In other recent news, Synovus Financial has been the focus of several analyst assessments and company announcements. Wells Fargo (NYSE:WFC) upgraded Synovus Financial to Overweight, expressing optimism about the company’s earnings growth and forecasting a strong second quarter. DA Davidson maintained a Buy rating, despite reducing the price target to $60, citing solid first-quarter earnings and effective expense management. Jefferies initiated coverage with a Hold rating and a $55 price target, acknowledging Synovus’ market presence but expressing caution over potential loan losses and below-average capital levels. Meanwhile, Stephens lowered its price target to $46 but kept an Equal Weight rating, highlighting Synovus’ strong net interest income and its impact on core pre-provision net revenue.

Additionally, Synovus announced quarterly dividends for its common and preferred stock, demonstrating its commitment to shareholder returns. The common stock dividend is set at $0.39 per share, while dividends for preferred stocks Series D and E are $0.50594 and $0.52481 per share, respectively. These recent developments underscore Synovus Financial’s efforts to balance growth opportunities with careful financial management.

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