"While we continue to be impressed by SYF's best-in-class capital ratios, strong liquidity and growing deposit base, we believe the company's shares are much closer to fairly valued at their current price level than they had been at the time of its IPO on July 31," BTIG said about the Connecticut-based consumer financial services company.
Analysts' decision to "move to the sidelines" on SYF is also based on their belief that the company's results could be "noisy" in the coming quarters as it continues its separation from General Electric Co. (GE) , which owned 84.6% of its shares as of September 30.
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GE has indicated that it has targeted late 2015 for the completion of the separation.
Shares of Synchrony Financial closed up 0.77% at $30 on Friday.