Synchrony downgraded to Neutral from Outperform at Baird

Baird downgraded Synchrony (SYF) to Neutral from Outperform with an unchanged price target of $82. While Synchrony is a high quality bank, its lower end consumer exposure “makes it tough to chase” the shares after the recent rally, the analyst tells investors in a research note. The firm believe Synchrony’s potential upside from a “benign” credit environment versus potential downside if U.S. economic trends continue to soften is now more balanced.