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Synchrony downgraded to Underweight from Equal Weight at Morgan Stanley
The Fly

Synchrony downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Betsy Graseck downgraded Synchrony Financial to Underweight from Equal Weight with a price target of $29, down from $31. The analyst is cautious on the consumer finance sector heading into 2023. The analyst expects higher credit losses, driven by a consumer cash flow squeeze from high inflation, rising unemployment and less excess savings. With 22% of loans out to the bottom 40% of income earners, consumer loan delinquencies and net charge-offs will accelerate over the coming quarters, Graseck tells investors in a research note.

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