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.
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