Synchrony price target lowered to $51 from $53 at BMO Capital

BMO Capital lowered the firm’s price target on Synchrony to $51 from $53 but keeps an Outperform rating on the shares after its credit-driven Q1 earnings miss. Normalization of loan losses is accelerating, but the company has indicated that consumer credit demand remains robust, the analyst tells investors in a research note. BMO added that the positive weekly deposit inflows throughout "March Madness" is an encouraging read-across to funding stability at other retail-oriented online banks.