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Downgrade Alert for Synovus Financial (SNV)

By Amy Schwartz

Synovus Financial (NYSE:SNV) was downgraded from Market Perform to Underperform at Wells Fargo today. The stock closed yesterday at $32.18 on volume of 779,000 shares, below average daily volume of 1.0 million.

Synovus Financial Corp. is a financial services holding company that provides various financial services. The Company, through its subsidiaries, provides commercial and retail banking, as well as investment services, to customers in Georgia, Alabama, South Carolina, Florida and Tennessee.

Over the past year, Synovus Financial has traded in a range of $25.48 to $33.80 and closed yesterday at $32.18, 26% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

Potential upside of 2.7% exists for Synovus Financial, based on a current level of $32.18 and analysts' average consensus price target of $33.06. The stock should find initial support at its 200-day moving average (MA) of $30.36 and further support at its 50-day MA of $29.37.

SmarTrend recommended that subscribers consider buying shares of Synovus Financial on July 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.26. Since that recommendation, shares of Synovus Financial have risen 7.0%. We continue to monitor SNV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades synovus financial

Ticker(s): SNV