After Discover disclosed its “much-anticipated” consent order with the FDIC late this past Friday, Morgan Stanley analyst Betsy Graseck notes the company faces no fines or other growth-constraining penalties, which the firm calls “a near-term positive.” However, the analyst notes that Discover has “a very tight timeframe” to address FDIC requirements and thinks expenses are likely to step up even higher in 2024. The firm keeps an Equal Weight rating and $100 price target on Discover shares.
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