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TFC - Synovus Still Meaningfully Undervalued But Also Lacking Quick Fixes To Sentiment
Truist Financial Corporation
It’s a little lonely being bullish on Synovus (SNV), particularly when you realize the sector-wide issue with near-term earnings headwinds means that the apparent undervaluation at Synovus is largely moot for the time being. And the last quarter certainly didn’t help matters, with a higher provisioning expense and uptick in non-performing loans spooking investors who were already nervous about the credit quality of the FCB business Synovus acquired.
Synovus still looks undervalued to me, but I freely admit that just waiting for the Street to see the value here is not a particularly