Bread Financial price target raised to $61 from $54 at BofA

BofA raised the firm’s price target on Bread Financial to $61 from $54 and keeps a Buy rating on the shares. The firm’s analysis of high-frequency data continues to point to delinquency rates stabilizing and credit losses being better in the second half than in the first half of 2024 for the card issuers, the analyst tells investors. With the late fee rule delayed and Bread executing on mitigants, the firm thinks investors will be more willing to apply a multiple based approach to valuation, versus the book value based approach BofA used previously, the analyst says.