BofA/Merrill Lynch Starts Synchrony Financial (SYF) at Buy

BofA/Merrill Lynch initiates coverage on Synchrony Financial (NYSE: SYF), a spin-off from GE, with a Buy rating and a price target of $30.00.

Analyst Kenneth Bruce notes SYF is the largest private label credit card and point-of-sale credit provider in the US with over $50B in receivables and $90B in purchase volume. He said the company is well positioned to deliver strong financial performance and growth, as it capitalizes on a dominant position in a market defined by good credit and above average returns. They expect the company to produce 2.5%-3.0% ROA with average top-line growth of ~6.5%.

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

Shares of Synchrony Financial closed at $24.84 yesterday.

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