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6 Strong Buys Breaking Near 52-Week Highs

SNV Chart SNV data by YCharts

Synovus Financial (SNV - Get Report)

Background: Synovus Financial is a financial services and bank holding company, provides integrated financial services in Georgia, Alabama, South Carolina, Florida and Tennessee. Its integrated financial services include commercial and retail banking, financial management, insurance, and mortgage services. Founded in 1888, it is headquartered in Columbus, Ga. Synovus trades an average of 7.4 million shares per day with a market cap of $2 billion.

52-Week High: $2.51

Analyst opinion is mixed. Most of the analysts surveyed don't believe a buy or a sell should be made at this point. Right now, Synovus has two buy recommendations, 18 holds and two sells. The stock appreciated 116% in the last year, and the average analyst target price for Synovus is $2.38.

With the target price once again broken, analysts may increase their price targets and rising target prices are often a catalyst for another leg higher in the actual stock price.

Synovus is to banking as Hovnanian is to housing; both are Fed QE3 success plays. The chart looks attractive as many small price-hoppers do, but this one looks like waiting for a dip to buy is advisable. I do believe the shares are headed higher; I'm just not fully convinced it's wise to chase the stock.

The current proportion sold short based on the float is 6.9%, and I find this much interest by short-sellers worth looking at in more depth. I did look at the short interest trend, and you have to go back to March to find a report with fewer shares shorted.

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SYM TRADE IT LAST %CHG
HOV $3.12 0.00%
JNJ $101.35 0.00%
NWL $40.07 0.00%
RF $10.22 0.00%
SNV $29.05 0.00%

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