BTIG Downgrades Syncrhony Financial Following Achievement Of Price Objective

Mark Palmer of BTIG Research downgraded shares of

to Neutral from Buy after shares recently traded at his $30 price target. “While we continue to be impressed by Synchrony Financial's best-in-class capital ratios, strong liquidity and growing deposit base, we believe the company's shares are much slower to fairly valued at their current price level than they had been at the time of its IPO on July 31,” Palmer wrote. As such, the analyst notes that investors should “wait for a better entry point.” Palmer also states that the company's performance over the next few quarters could be “noisy” as it continues to separate from

. Bottom line, shares are a “show me story,” according to Palmer who continues to look for additional evidence of the company's progress before becoming “more constructive.”