Synchrony upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded Synchrony (SYF) to Overweight from Equal Weight with a price target of $85, up from $60. The firm recognizes the stock has run around the election, but believes clarity on the Consumer Financial Protection Bureau late fee and better credit can take the shares higher. Synchrony shares are “quite attractive” on normalized earnings, the analyst tells investors in a research note. Wells’ base case is a new CFPB director pulls the late fee proposal, though it admits the “populist administration element leaves some residual risk.”