Synchrony upgraded to Outperform from Underperform at Wolfe Research

Wolfe Research analyst Bill Carcache double upgraded Synchrony to Outperform from Underperform with a price target of $50, up from $36. The firm believes beneficiaries of healthy labor markets will outperform “casualties of higher-for-longer rates.” The analyst now sees “clear evidence” that Synchrony’s delinquency rate formations are rolling over. The company will be able to mitigate lower late fees in a healthy labor and benign credit environment, the analyst tells investors in a research note.