Discover price target raised to $119 from $114 at BofA

BofA analyst Mihir Bhatia raised the firm’s price target on Discover to $119 from $114 and keeps a Neutral rating on the shares after the company reported May operating metrics. Overall, BofA says it views the print “positively,” highlighting that loan balances grew sequentially and credit is trending better than expected. However, the expected resumption of student loan payments and inflation pressure “gives us some pause on future credit performance,” leading the firm to reiterate its Neutral rating on the shares.