RBC Capital analyst Jon Arfstrom downgraded Synchrony Financial to Sector Perform from Outperform with a price target of $37, down from $41. 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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