Morgan Stanley analyst Jeff Adelson assumed coverage of Synchrony (SYF) with an Underweight rating and unchanged price target of $30. Following Q4 reporting, the firm is incrementally more bullish on prospects of a softer credit landing and identifies Ally and Discover (DFS) as two ways to play that theme. However, the credit cycle is not yet over, as net charge offs are set to rise though 2024, adds the analyst, who maintains an In-Line rating on the Consumer Finance industry.
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