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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Read More on DFS:
- Discover Financial Merges with Capital One Creating Powerhouse
- M & A: Capital One and Discover Financial Unite in a $35B Deal
- Capital One to acquire Discover in all-stock transaction valued at $35.3B
- Capital One to Acquire Discover
- M & A News: Capital One (NYSE:COF) Considers Discover Financial Purchase
