RBC Capital Cuts Synchrony Financial (SYF) Price Target but Touts Growth Outlook

Synchrony Financial (NYSE:SYF) is one of the top credit services stocks to buy amid the US rate cut. On October 13, analysts at RBC Capital reiterated a ‘Sector Perform’ rating on Synchrony Financial (NYSE:SYF) but cut the price target to $76 from $78.

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The research firm reiterated the ‘Sector Perform’ rating, underlining its neutral outlook for the company. It also cited the company’s leverage to consumer health and spending patterns as a key reason behind the slight price adjustment.

Similarly, the research firm has echoed Synchrony Financial’s credit performance, which has shown significant improvement amid broader economic concerns. Likewise, it expects broader growth across the company’s platforms that should fuel stock performance.

The company has already completed the acquisition of consumer financial software provider Versatile Credit. The acquisition secures access to the company’s platform, which connects Merchants, lenders, and consumers via point-of-sale solutions.

Synchrony Financial (NYSE:SYF) is a financial services company that provides a variety of financing solutions, including private-label and general-purpose credit cards, installment loans, and other promotional financing for consumers and businesses. It partners with retailers, healthcare providers, and businesses across key industries to help consumers finance purchases.

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Disclosure: None. This article is originally published at Insider Monkey.