HSBC last night upgraded Synchrony (SYF) to Buy from Hold with a price target of $81, up from $73. The Q3 results in consumer finance should show improving credit quality with divergent loan and purchase volume trends, the analyst tells investors in a research note. The firm cites Synchrony’s “good” credit performance, better growth, and discounted valuation for the upgrade. Synchrony is HSBC’s preferred choice in consumer finance.
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