Wells Fargo downgraded Synovus (SNV) to Equal Weight from Overweight with a price target of $58, down from $62, post-takeover by Pinnacle Financial (PNFP). The firm expects dilution to Pinnacle’s superior growth rate with 2-times larger franchise and a different management team now running it. Wells prefers Webster Financial (WBS), BankUnited (BKU), F.N.B. (FNB).
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