Wells Fargo analyst Donald Fandetti raised the firm’s price target on Discover (DFS) to $214 from $185 and keeps an Equal Weight rating on the shares following quarterly results. The firm notes that on the earnings call, management said the 2023 card vintage is now outperforming 2022 vs in line prior. They see an opportunity to ramp up new card account growth. Part of the Q4 reserve release reflected more transactors, but allowance would have still declined quarter-over-quarter, Wells adds.
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