Oppenheimer analyst Dominick Gabriele upgraded Synchrony Financial to Outperform from Perform with a $35 price target. The analyst’s credit vintage analysis suggests better than industry credit migration for Synchrony. The company’s loan growth is less than peers over the last 12 months, driving less front book seasoning pressure, the analyst tells investors in a research note. The firm thinks banking sector liquidity fears brought forward some recession valuation downside, and it expects a "snapback before ultimate lows." In a research note titled "No Guts, No Glory," Opco says Synchrony’s upside/downside "skews positive" in the near term.
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Published first on TheFly
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