Analyst Timur Braziler of Wells Fargo maintained a Buy rating on Synovus, retaining the price target of $62.00.
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Timur Braziler has given his Buy rating due to a combination of factors, primarily focusing on Synovus’s potential merger opportunities and its organic growth trajectory. The company has reportedly engaged a financial advisor and entered merger discussions with at least one competitor, which could enhance its strategic positioning and growth prospects. This potential merger adds an attractive option to Synovus’s already improving organic growth story, making it a compelling investment choice.
Additionally, the broader market conditions are favorable for Synovus, with increased deal activity and regulatory signals indicating potential consolidation in the banking sector. The recent speech by a Federal Reserve official suggests that larger banks might soon address regulatory issues, which could lead to strategic mergers. Such developments, coupled with Synovus’s current valuation and size, make it an attractive target for larger banks, further supporting the Buy rating.
In another report released on July 21, Citi also maintained a Buy rating on the stock with a $65.00 price target.