Synovus downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Michael Rose downgraded Synovus (SNV) to Market Perform from Outperform without a price target following the company’s announced merger with Pinnacle Financial (PNFP). The deal was poorly received by investors, the analyst tells investors in a research note. The firm expects both stocks to be range-bound over the intermediate-term given the elevated integration/ and cultural risk associated with the deal.