Synchrony price target raised to $49 from $42 at JMP Securities

JMP Securities raised the firm’s price target on Synchrony to $49 from $42 and keeps an Outperform rating on the shares. Based on discussions with management and issued guidance, the reduction to 2024 revenue, with an October 1 implementation date of the late fee proposal issued by the Consumer Financial Protection Bureau last week, is expected to be roughly $150M-$200M, the analyst tells investors in a research note. The firm expects the company to quickly mitigate the bulk of the impact during 2025, with rulemaking lowering revenue by $150M in Q1, $75M in Q2, $25M in Q3, and being fully mitigated by Q4.