Synchrony downgraded to Neutral from Buy at BTIG

BTIG analyst Vincent Caintic downgraded Synchrony Financial to Neutral from Buy without a price target. Following “cautious management updates” last week from Synchrony and other prime lenders, BTIG is “broadly stepping away” from recommending shares in any of the prime credit cards, the analyst tells investors in a research note. The firm says that while Synchrony is likely the safest, it now has less confidence in credit improvement and purchase volumes due to prime consumer deterioration.