Synchrony initiated with Outperform on growth potential at TD Cowen

TD Cowen analyst Moshe Orenbuch initiated coverage of Synchrony with an Outperform rating and $34 price target. As the company partners with leading brands in fast-growing areas or with huge customer bases, it can benefit from the partners’ secular growth or increased penetration of its cards in the partners’ sales, the analyst tells investors in a research note. The firm says this should allow Synchrony to achieve “industry-leading growth going forward like it has historically.”