JPMorgan analyst Richard Shane lowered the firm’s price target on Discover to $102 from $111 and keeps a Neutral rating on the shares. The analyst believes consumer finance stocks are "approaching an inflection point" with the Federal Reserve’s rate hike cycle coming to an end sooner than previously anticipated. Consumer finance names remain relatively well insulated compared to regional banks given retail rather than commercial deposit taking, relatively low uninsured deposits, and minimal commercial real estate exposure, the analyst tells investors in a research note.
Published first on TheFly
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