Synchrony price target raised to $56 from $51 at BofA

BofA analyst Mihir Bhatia raised the firm’s price target on Synchrony to $56 from $51 and keeps a Neutral rating on the shares. The company’s Q2 results were “fine” with the earnings beat driven by lower-than-anticipated reserve build, but its consumer outlook is “weaker”, the analyst tells investors in a research note. BofA adds that it sees risk/reward as balanced however given the current macroeconomic backdrop.