Synovus upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Catherine Mealor upgraded Synovus (SNV) to Outperform from Market Perform with a price target of $65, up from $58. The bank beat Q2 expectations on fees and provision, the analyst tells investors in a research note. The firm says Synovus is starting to see earnings benefits from its “SynovusGo” strategy along with sustained expense control. As the bank maintains an improved net revenue growth rate and credit remains stable, the stock’s multiple will move higher, contends Keefe.