Discover price target raised to $131 from $123 at Seaport Research

Seaport Research analyst Bill Ryan raised the firm’s price target on Discover Financial Services to $131 from $123 and keeps a Buy rating on the shares. The company’s portfolio growth decelerated slightly on slowing credit sales in May, and credit statistics reflected normalization and seasoning of large newer vintages, the analyst tells investors in a research note. The firm says Discover’s growth is coming more from new accounts and slowing payment rates as its delinquency trends on the card book showed more signs of normalization.