Synchrony Financial (SFY): A Hidden Credit Risk or E-Commerce Gem?

Who says you can’t find value in today’s market? BTIG research initiated buy coverage on Synchrony Financial BTIG research initiated buy coverage on Synchrony Financial (NYSE:SYF), the former GE financial credit card unit that opened up at $23 per share today after moving 125 million shares in an IPO Wednesday. The pricing on this offering was at the low end of expectations, the Wall Street Journal noted. This lower end of the range pricing came amid concerns about the quality of Synchrony’s assets, meaning the default potential – an issue that blew up in 2008 – might offset gains the card…