Synchrony initiated with a Buy at BTIG

BTIG initiated coverage of Synchrony with a Buy rating and $60 price target as part of a broader research note launching coverage on Consumer Finance names. The company has had several recent successes including strong spending and lending growth across its merchant verticals and large name-brand merchant wins while its loss trends have been surprisingly stable in contrast with its peers, the analyst tells investors in a research note. With general-purpose credit cards broadly tightening credit and retail sales becoming tougher, the value proposition for a Synchrony partnership in merchants’ eyes has likely increased, BTIG added.