Discover price target raised to $115 from $103 at Wells Fargo

Wells Fargo analyst Donald Fandetti raised the firm’s price target on Discover to $115 from $103 and keeps an Equal Weight rating on the shares. The analyst expects most of 2023 to be difficult for consumer finance company fundamentals. However, the silver lining is that later in the year, investors may start pricing in the early part of the cycle, which historically provides the most attractive returns for the sector, he adds.