Wolfe Research analyst Bill Carcache tells investors in a research note that shares of Discover should rise “sharply” after the FDIC consent order revealed no “smoking gun,” relieving fears that the order would reveal consumer-facing misconduct that escalated to the level of “WFC 2.0” did not materialize. The firm does not view the resumption of Discover’s buyback program as imminent, but sees the regulatory overhang lifting.
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