Synchrony price target raised to $68 from $60 at JMP Securities

JMP Securities raised the firm’s price target on Synchrony to $68 from $60 and keeps an Outperform rating on the shares following the quarterly results. While moderating purchase volumes persist, the company noted the stabilization of credit and spending among subprime borrowers, and JMP believes there was a “low watermark” during Q3 as the drag from prime and super prime borrowers who have curtailed bigger ticket discretionary purchases should begin to recede, the analyst tells investors in a research note.