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Synchrony reports July charge off rate 5.01% vs. 4.73% last month
Reports July 30-plus day delinquencies 2.70% vs. 2.72% last month.
Synchrony price target lowered to $37 from $51 at BMO Capital
BMO Capital analyst James Fotheringham lowered his price target on Synchrony (SYF) to $37 after its Q2 results and the loss of the Walmart (WMT) contract. While he finds the loss of the Walmart deal "surprising" and "disappointing", the analyst also maintains hi Outperform rating on Synchrony, saying the stock has been "over-sold' after the announcement. Fotheringham adds that the "market is overly concerned about consumer credit quality".
Synchrony should be bought on recent share weakness, says Jefferies
Jefferies analyst John Hecht recommends capitalizing on the recent weakness in shares of Synchrony Financial (SYF). Through buybacks and expense reductions, the company can fully replace the lost earnings from Walmart (WMT), Hecht tells investors in a research note. He maintains a Buy rating on the shares with a $50 price target. Barclays this morning downgraded Synchrony to Equal Weight.
On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Colgate-Palmolive (CL) downgraded to Neutral from Outperform at Macquarie with analyst Caroline Levy saying she does not expect growth to accelerate over the next several quarters and lowered her FY18 organic sales estimate to 0.5% from 1% and FY19 to 2.2% from 3.2%. 2. Alaska Air (ALK) downgraded to Neutral from Outperform at Macquarie. 3. Perrigo (PRGO) downgraded to Hold from Buy at Argus with analyst Jasper Hellweg citing the challenges faced by the company around the "industry-wide price erosion, a legal investigation, and a reduction in FDA approvals." 4. Synchronoss (SNCR) downgraded to Sell from Hold at Stifel with analyst Tom Roderick saying recent filings reveal that liquidity issues loom, the company is "out of levers, and time is not on their side." 5. Synchrony (SYF) downgraded to Equal Weight from Overweight at Barclays with analyst Mark Devries saying the loss of the Walmart (WMT) credit card business heightens contract renewal risk and caps upside in the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage,
Synchrony upgraded to Neutral from Sell at UBS
UBS analyst Eric Wasserstrom upgraded Synchrony Financial (SYF) to Neutral and raised his price target for the shares to $33 from $32. Cost reductions and "significantly" greater expected share repurchases help offer the loss of the Walmart (WMT) portfolio next year, Wasserstrom tells investors in a research note. The analyst still sees an unclear outlook for Synchrony, but raised his estimates and says the valuation is now low enough for an upgrade to Neutral.
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