Synovus Financial Corp (NYSE: SNV) is set to release its second-quarter earnings after the market closes on Wednesday, July 16th. Analysts are anticipating strong results, projecting earnings of $1.25 per share, a significant increase from $1.16 in the same period last year. Revenue is also expected to surge to $585.99 million, compared to $306.15 million a year prior, according to Benzinga Pro data. This follows a successful first quarter where Synovus exceeded earnings expectations.
The company’s stock experienced a 4% dip on Tuesday, closing at $52.53. However, recent analyst ratings suggest a positive outlook for SNV. Let’s delve into the predictions from some of Wall Street’s most accurate analysts:
Truist Securities analyst David Smith (73% accuracy) maintained a Buy rating and increased the price target from $56 to $60 on July 11th. Wells Fargo analyst Timur Braziler (62% accuracy) upgraded the stock from Equal-Weight to Overweight, raising the price target from $50 to $62 on July 10th. Barclays analyst Jared Shaw (68% accuracy) maintained an Overweight rating and boosted the price target from $60 to $67 on July 8th. DA Davidson analyst Gary Tenner (77% accuracy) maintained a Buy rating but lowered the price target from $65 to $60 on April 21st. Finally, Raymond James analyst Michael Rose (69% accuracy) downgraded the stock from Outperform to Market Perform on April 2nd.
This mixed bag of recent analyst opinions highlights the complexities of predicting the market. While some analysts express strong confidence in Synovus’s future, others are more cautious. Investors should consider this range of perspectives when making their own investment decisions. Benzinga offers a comprehensive platform to track analyst ratings and other market data to help you stay informed.
Before making any investment decisions, it’s crucial to conduct your own thorough research and consider your individual risk tolerance. The information provided here is for informational purposes only and should not be considered financial advice.
