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Fly News Breaks for May 19, 2017
DFS, COF, SYF, AXP
May 19, 2017 | 08:02 EDT
Wells Fargo analyst Jason Harbes downgraded his rating on the Credit Card space to Market Weight from Overweight after attending Card Forum 2017 in Austin, Texas. The analyst keeps Overweight ratings on Synchrony (SYF) and Discover (DFS) and Market Perform ratings on American Express (AXP) and Capital One (COF). Credit trends have recently deteriorated primarily due to weaker underwriting, Harbes tells investors in a research note. The analyst is also concerned about slowing receivables growth following an extended period of acceleration from 2012-2016. He lowered his price target for Synchrony to $30 from $35, for Discover to $70 from $80 and for Capital One to $85 from $88. The analyst keeps an $80 target on American Express.
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