As previously reported, Argus analyst Jim Corridore downgraded Bread Financial to Hold from Buy. Given the recent slowing of consumer spending, a longer timetable to the onset of Fed interest rate cuts and recent regulatory changes regarding maximum credit card fees, the revenue environment for the company is expected to remain “extremely challenging”, the analyst tells investors in a research note. The firm is also cutting its 2024 EPS view to $5.03 from $7.40 and its 2025 estimate to $6.85 from $9.00 on Bread Financial.
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