RBC Capital analyst Jon Arfstrom downgraded Discover Financial (DFS) to Sector Perform from Outperform with a price target of $140, up from $117, after entered into an agreement to be acquired by Capital One (COF) in a $35B all-stock transaction. The firm believes the merger is a “compelling one with many potential strategic and financial benefits for the combined franchise.” Given this announcement, RBC aligned its Discover rating with Capital One.
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