the technology sector and related IPO activity. Upside risks are sooner than expected rate hike, or better than expected pickup in the tech sector. Synovus Financial Corp. (SNV) We use a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $40 price objective and assign a 1.7x multiple to our forward 2Q1

cock Holding HBHC HBHC US Ebrahim H. Poonawala New York Community Bancorp NYCB NYCB US Ebrahim H. Poonawala Regions Financial RF RF US Erika Najarian Synovus Financial Corp. SNV SNV US Ebrahim H. Poonawala U.S. Bancorp USB USB US Erika Najarian Zions Bancorp ZION ZION US Erika Najarian UNDERPERFORM Bank of Hawaii Corp. BO