Piper Sandler raised the firm’s price target on Synchrony to $44 from $43 and keeps an Overweight rating on the shares following Q3 earnings. Overall, Synchrony posted a solid quarter beating on spread and fee income while credit broadly performed in-line with our expectations, the firm says. Piper was surprised by the stock reaction given the stronger than expected quarter coupled with Synchrony now trading to 5.2-times FY24 consensus price-to-earnings.
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Read More on SYF:
- Synchrony price target lowered to $35 from $38 at JMP Securities
- Synchrony sees FY23 loan receivables growth of 11%
- Synchrony reports Q3 EPS $1.48, consensus $1.43
- Synchrony Reports Third Quarter 2023 Results
- Notable companies reporting before tomorrow’s open
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