- 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.