Synchrony upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Synchrony (SYF) to Overweight from Neutral with a price target of $72, up from $59. Synchrony has already begun to implement its mitigating actions to offset lost revenue from the Consumer Financial Protection Bureau’s late fee rule, which may result in a period of overearning while the late fee rule is mired in litigation, the analyst tells investors in a research note. The firm says that if the CFPB rescinds its late fee rule under the Trump administration, there could be upside to estimates if mitigating actions “prove to be sticky.” JPMorgan adds the stock’s discount to the S&P 500 remains wider than its historical average.