Synovus price target lowered to $58 from $65 at RBC Capital

RBC Capital lowered the firm’s price target on Synovus (SNV) to $58 from $65 and keeps an Outperform rating on the shares. The company reported a solid quarter with a lower loan loss provision and better core revenue trends as drivers, the analyst tells investors in a research note. RBC adds that it expects relative margin stability in the medium term, though given the asset sensitivity of the balance sheet, rate decreases are a “short term headwind”.