Synchrony price target raised to $48 from $46 at Piper Sandler

Piper Sandler analyst Kevin Barker raised the firm’s price target on Synchrony to $48 from $46 and keeps an Overweight rating on the shares following Q4 earnings. Overall, Synchrony posted a solid quarter while credit broadly performed in-line with the firm’s expectations. Piper was surprised by the stock reaction given 2024 guidance relatively in-line with consensus estimates coupled with Synchrony now trading to 6.0-times FY25 consensus price-to-earnings.