Synovus Financial Corp. (SNV) Downgraded To Underperform Rating

Analysts William Wallace and Jessica Halenda at FBR Capital Markets have downgraded Synovus Financial Corp. (NYSE: SNV) from Market Perform to Underperform rating.

Analysts believe that the company’s valuation does not appropriately reflect the risk profile of the bank. Shares of the company are up 70% year-to-date and 20% in March alone. Although analysts believe that industry valuations in general have gotten a little rich, Synovus has outperformed the regional banks as investors have become more optimistic on the timing of the company’s return to profitability.

Analysts at FBR Capital Markets have maintained their $2.50 price target for the company.