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FIG Partners upgrades Synovus to 'outperform'

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FIG Partners analyst Christopher Marinac raised Columbus, Ga.-based Synovus Financial Corp.'s stock rating to "outperform" from "market perform" and set the price target at $46.

The analyst set Synovus Financial's EPS estimates at $3.63 for 2018, $4.06 for 2019 and $4.50 for 2020.

Regarding Synovus Financial's announced acquisition of FCB Financial Holdings Inc., the analyst wrote that investors' negativity around the pending deal has peaked. Investors should transition within the next couple months to seeing postmerger EPS results, with "less teeth-gnashing on the merger decision," Marinac wrote.

The analyst said he sees no M&A risk in the next 18 months as Synovus Financial's only focus is the FCB Financial integration and moderate organic growth.