Synchrony downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Dominick Gabriele downgraded Synchrony Financial to Perform from Outperform without a price target. The firm says its thesis has played out with the shares up 22% since its March 16 upgrade. While the stock could run further, there is more risk to downside versus upside, the analyst tells investors in a research note. With movement away from discretionary spending, Synchrony’s volume could come under pressure even though its loan growth has held up nicely intra-quarter, writes Oppenheimer.