BTIG Affirms Synchrony Financial (SYF) at 'Buy' as New Catalyst Appears

BTIG affirms Synchrony Financial (NYSE: SYF) with a Buy rating and $42 price target following the company's announcement of a dividend and $952 million stock buyback plan late Thursday.

Much of investors' recent focus on Synchrony Financial has been on whether the company's revised loss forecast calling for a 20-30bps increase in net charge-offs (NCOs) during the next 12 months – it had been expecting relatively flat NCOs during that period – is part of a normalization of credit or something more concerning. As such, SYF's common equity Tier 1 ratio of 18.1% as of March 31 and the potential for it to translate into a substantial return of capital to shareholders has been overlooked even as an announcement about that subject was imminent.

For an analyst ratings summary and ratings history on Synchrony Financial click here. For more ratings news on Synchrony Financial click here.

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