Synchrony price target raised to $44 from $43 at Piper Sandler

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.