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Synovus sinks as RBC cuts to Sell equivalent, seeing dividend cuts coming

Jul. 17, 2020 4:25 PM ETSynovus Financial Corp. (SNV) StockSNVBy: Carl Surran, SA News Editor4 Comments
  • Synovus Financial (SNV -5.6%) finishes sharply lower after RBC downgraded shares to Underperform from Sector Perform with a $16 price target, cut from $21, citing an updated recession outlook that includes higher credit losses and dividend cuts starting next year.
  • RBC analyst Steven Duong says the recently published stress test for CCAR banks displayed the magnitude of Synovus' potential losses.
  • SNV's average Wall Street analyst rating is Bullish, while its Seeking Alpha Authors' Rating and Quant Rating are both Neutral.

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