These Analysts Revise Their Forecasts On Synchrony Financial Following Q2 Results
Synchrony Financial (NYSE:SYF) reported better-than-expected second-quarter results on Wednesday.
The company posted quarterly net interest income of $4.405 billion, beating the consensus of $4.287 billion. The company reported EPS of $1.55, above the consensus of $1.3, according to data from Benzinga Pro.
Loan receivables rose 8% to $102.3 billion, and purchase volume declined 1% to $46.8 billion. Interest and fees on loans increased 10% year over year to $5.3 billion, led by increased average loan receivables.
For FY24, Synchrony said it expects EPS of $7.60 – $7.80 versus $7.25 consensus; this includes the late fee rule implementation date of October 1, 2024, the impact of PPPC primarily in 3Q'24 and 4Q'24, and $1.96 Pets Best gain on sale in 1Q'24.
Synchrony shares fell 0.7% to trade at $51.84 on Thursday.
These analysts made changes to their price targets on Synchrony following the announcement.
- B of A Securities analyst Mihir Bhatia maintained Synchrony Finl with a Neutral rating, while raising the price target from $51 to $56.
- BMO Capital analyst James Fotheringham maintained the stock with a Market Perform rating, while cutting the price target from $42 to $41.
- RBC Capital analyst Jon Arfstrom maintained Synchrony with a Sector Perform rating, while increasing the price target from $50 to $55.
- Goldman Sachs analyst Alex Scott maintained the stock with a Buy rating and raised the price target from $49 to $56.
- Barclays analyst Terry Ma maintained Synchrony with an Equal-Weight rating, while increasing the price target from $46 to $49.
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