UPDATE: BTIG Initiates Coverage On Synchrony Financial

In a report released Thursday, BTIG analyst Mark Palmer initiated coverage on Synchrony Financial SYF with a Buy rating and $30 price target.

Analysts at BTIG predict Synchrony shares to rise due to credit card spending projected to increase. A Nilson Report projects domestic consumer credit purchases to rise by 25 percent to $10.9 trillion in 2017.

Synchrony's $30 price target is given by BTIG's 2016 EPS estimate of $2.52 give by a PE multiple of 12x.