Wunderlich Maintains Buy Rating On Synovus

According to Wunderlich, Synovus Financial SNV Buy rating is maintained. Wunderlich said that it maintains its Buy rating and $3.50 price target on shares of Synovus Financial Corp. “SNV reported a 1Q11 operating loss per share of $0.09 versus a consensus loss per share estimate of $0.12 and our loss per share estimate of $0.11. Credit quality metrics continued to trend favorably, with NPAs, NCOs, and past due loans all declining to levels not seen since mid-2008. We believe shares of SNV are undervalued relative to Southern banks in the WSI Research Universe, presenting an attractive entry point for value-oriented investors with the potential for an M&A kicker over the next several years.” Synovus closed yesterday at $2.53.