Wells Fargo raises Synchrony Financial stock price target By Investing.com
Wells Fargo has adjusted its price target for Synchrony Financial (NYSE: NYSE:), raising it to $60.00 from the previous $53.00. Despite this change, the firm maintained its Equal Weight rating on the stock.
The adjustment comes amidst a backdrop where year-over-year delinquency pressure is reportedly easing for Synchrony Financial and the broader card industry.
The analyst at Wells Fargo noted a positive near-term outlook for the company’s shares, citing a delay in the Consumer Financial Protection Bureau’s (CFPB) late fee rule due to ongoing court proceedings. This delay is expected to extend past the upcoming November elections.
The firm’s analyst elaborated on the decision, stating that the shares of Synchrony Financial have a…
