Goldman Sachs downgraded Bread Financial to Sell from Neutral with a price target of $32, down from $44. The company’s pretax pre-provision earnings could be softer than expected and the focus is likely to be on the trajectory of its credit losses, which could be elevated into 2024 and lead to downside to consensus estimates, the analyst tells investors in a research note. The firm sees Bread’s credit pressuring earnings per share down to $6.50 in 2024.
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Read More on BFH:
- Bread Financial reports loans at August-end $17.94M vs. $18.02M last year
- Bread Financial downgraded to Sector Perform from Outperform at RBC Capital
- Bread Financial price target raised to $49 from $41 at JPMorgan
- Bread Financial management to meet virtually with Benchmark
- Bread Financial reports net loss rate for month ended July 31 is 7.4%