Synovus Financial Corp. (NYSE:SNV) is expected to report Q3 earnings after market close Thursday, Oct. 23, with a conference call scheduled for 4:30 pm.
Analysts are looking for EPS of 7c on revenue of $374.19M. The consensus range for EPS is 0c to 12c, while the consensus range for revenue is $368.1M to $381.7M, according to First Call.
Morgan Keegan recently upgraded Synovus to Outperform from Market Perform. The firm believes that the bank, along with several of its peers, could benefit from the government's capital injection plan. On the other hand, Citigroup recently reduced its full-year EPS forecast for Synovus to 25c from 34c. The firm believes that the credit crisis will expand to parts of the economy other than residential real estate. Citigroup also predicts that investors will focus more closely on Synovus' capital levels.
Meanwhile, Synovus could benefit from a takeover in the banking sector. Sandler O'Neill recently speculated that Synovus would be one of several small banks that could benefit from the acquisition of Wachovia (NASDAQ:WB) by Wells Fargo (NYSE:WFC). The firm explained that Wells Fargo will be unfamiliar to banking customers in the southeast, possibly prompting some of them to switch to institutions that are more well-known in the area, including Synovus.