Discover initiated with Outperform, named a top pick at TD Cowen

TD Cowen initiated coverage of Discover with an Outperform rating and $100 price target. The analyst calls the stock a top pick in consumer finance. Discover should be able to sustain its above-industry growth in credit cards, as payment rates continue to normalize, the analyst tells investors in a research note. The company still sees opportunities to acquire new cards, and has lower acquisition costs than most peers as it owns its brand, says TD.