Buckingham analyst Chris Brendler said he remains positive on Synchrony (SYF) following a Bloomberg report that Capital One (COF) is bidding for Walmart's (WMT) credit card business. He feels less optimistic about Synchrony's chances of retaining the long-standing relationship, lowering his estimate of the odds of keeping it to 60% from 80%, but Brendler also said it is "difficult, expensive and risky" to move a portfolio of this size and he could see a split deal as possible. Given that Walmart represents about 15% of its revenue, he also thinks Synchrony will do "almost anything" to keep the relationship, said Brendler, who added that Synchrony shares are now cheapest in their peer group. The analyst has a Buy rating on Synchrony shares.