HSBC initiated coverage of Synchrony with a Hold rating and $32 price target. The shift from paper to digital forms payments has been profound, and it will continue, the analyst tells investors in a research note. The analyst recommends investing in high quality, turnarounds, and “deep value” with in the U.S. payments and consumer finance sector. HSBC is concerned about the pace of growth of digital transactions given that the pandemic may have pulled this shift forward. This makes it less constructive than consensus on Visa and Mastercard.
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