Jefferies Comments on Synovus Financial Following Management Meetings

Jefferies is commenting on Synovus Financial Corp. SNV following meetings with management. “We walk away from the management meetings feeling better about credit and cost saves, but more concerned about loan growth,” Jefferies writes. “Longer-term fundamental improvement is contingent on the company transforming itself to a commercial lender from CRE; a challenging undertaking which will take time. “We are lowering our 2013 EPS estimate to $0.28 (from $0.30) on slower developing loan growth. Our price target goes to $2.80 (from $3).” Synovus Financial closed Thursday at $2.27.