Goldman Sachs downgraded Synchrony Financial (NYSE: SYF) from Conviction Buy to Neutral with a price target of $33.00 (from $44.00).

Analyst Ryan Nash tells clients over the weekend that he believes the company remains one the top secular growth stories as a financial company but consumer credit normalization will most likely weight on results and hinder top-line growth from trickling down to EPS growth in the NT. He expects this normalization to remain a black cloud over the earnings multiple for coming quarters.

FY 2017 EPS estimate falls from $3.05 to $2.62, FY 2018 EPS estimate falls from $3.30 to $3.00 and FY 2019 EPS estimate falls from $3.50 to $3.35

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Shares of Synchrony Financial closed at $33.05 Friday.