RBC Capital downgraded Bread Financial to Sector Perform from Outperform with a price target of $43, down from $46. The analyst is “tactically adjusting” the firm’s credit card stock preferences for the near-term. RBC sees near-term sentiment risk from the Consumer Financial Protection Bureau’s late fee proposal, and some potential sentiment risk from ongoing normalization of credit quality and spending trends. It aligned its stock preferences to favor the “top-of-wallet card players.” It downgraded Synchrony Financial (SYF) and Bread Financial (BFH) to Sector Perform while favoring American Express (AXP) and Discover Financial (DFS).
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Read More on BFH:
- Bread Financial price target raised to $49 from $41 at JPMorgan
- Bread Financial management to meet virtually with Benchmark
- Bread Financial reports net loss rate for month ended July 31 is 7.4%
- Bread Financial price target raised to $46 from $40 at RBC Capital
- Bread Financial announces $35M share repurchase program