RBC Capital lowered the firm’s price target on Discover to $108 from $115 after its Q3 earnings miss but keeps an Outperform rating on the shares. The company posted another quarter of solid core trends, but the provision for loan loss was again higher than anticipated and drove the earnings headwinds, the analyst tells investors in a research note. Discover’s credit metrics continue to normalize higher at a manageable pace, and the company is well prepared to manage through this cycle, the firm adds.
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Read More on DFS:
- Discover price target lowered to $90 from $95 at Wells Fargo
- Discover price target lowered to $93 from $94 at Citi
- Discover reports Q4 revenue net of interest expense $4.04B, consensus $3.95B
- Discover reports Q3 EPS $2.59, consensus $3.18
- Discover options imply 4.9% move in share price post-earnings