Business
Analyst upgrades Synovus shares to 'buy'
By Paul Donsky
June 16, 2009Synovus shares have been upgraded from "neutral" to "buy" by Jennifer Demba, an analyst with SunTrust Robinson Humphrey.
In a note issued Monday, Demba said earnings at the Columbus-based bank are up as loan and deposit pricing have improved and the company continues to rein in costs. Meanwhile, the bank's credit outlook was "a bit better" than in mid-May, the last time Demba met with Synovus's officials.
Demba said Synovus is in the process of "stress testing" its loan portfolio to determine whether the company needs to raise additional capital to weather the recession. Synovus stock closed Monday up 2.5 percent at $3.69 per share.
