Discover price target lowered to $93 from $94 at Citi

Citi lowered the firm’s price target on Discover to $93 from $94 and keeps a Neutral rating on the shares post the Q3 report. Discover reported a “big miss” primarily from an unexpected large loan loss reserve build to address higher expected losses in 2024 and weakening macro factors, the analyst tells investors in a research note. “With the stock down 30% over the past three months, we wonder if shares have gone too far,” says Citi.