Synchrony price target lowered to $35 from $38 at JMP Securities

JMP Securities analyst David Scharf lowered the firm’s price target on Synchrony to $35 from $38 and keeps an Outperform rating on the shares. The stock was down 4.4% on Tuesday in light of continued credit concerns, along with the overhang of the as-yet-to-be-released final rules on late fees by the CFPB, the analyst tells investors in a research note. Shares are likely to remain under near-term pressure, despite Synchrony having tightened its credit box earlier than most issuers and appearing to be on track to deliver on its targeted loss range, the firm adds.