BMO Capital analyst James Fotheringham lowered the firm’s price target on Discover to $111 from $119 and keeps a Market Perform rating on the shares. The analyst notes that while the company beat on Q4 earnings, he is reducing estimates for FY23 EPS to $13.46 from $14.48 to account for higher credit and operating costs. Fotheringham adds that he is concerned that elevated loan loss provisions for Discover might bleed into the first half of 2023.
Published first on TheFly
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