BMO Capital analyst James Fotheringham lowered the firm’s price target on Discover to $99 from $103 and keeps a Market Perform rating on the shares. The company had a “tough” Q2, having disclosed the misclassification of card accounts to higher interchange tiers as well as an unrelated FDIC consent order regarding consumer compliance, the analyst tells investors in a research note. Given the credit miss and lower full-year guidance, along with halted buybacks, BMO is cutting its FY23 EPS view to $12.56 from $13.00 and its FY24 view to $12.98 from $14.23.
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