Wells Fargo lowered the firm’s price target on Synchrony (SYF) to $65 from $70 and keeps an Overweight rating on the shares. While loan growth ticked down year-over-year in Q1 on credit tightening and continued consumer caution, credit metrics are trending well in the firm’s view. Card spend is looking steady into April. There are no plans to reduce PPPC APR mitigants, but options include more value prop/promo, Wells adds.
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