BofA raised the firm’s price target on Synchrony (SYF) to $64 from $61 and keeps a Buy rating on the shares. The firm, which says it is “cautiously optimistic” coming out of Q3 earnings from the consumer finance group, is “most positive” on Synchrony coming out earnings given its view that credit discipline and a focus on getting losses back to its 5.5%-6.0% target “should be a credit positive.” The firm also thinks the EPS benefit from the delayed late fee rule could drive a positive earnings revision cycle for Synchrony, the analyst tells investors in a post-earnings recap for the group.
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