Jefferies analyst John Hecht raised the firm’s price target on Discover to $135 from $125 and keeps a Buy rating on the shares. The firm anticipates ongoing elevated rates of loan growth, coupled with normalizing delinquencies and net charge off rates, the analyst tells investors in a Q2 card issuer preview note. Delinquencies continue to rise for most issuers, but companies remain well-reserved for a variety of macroeconomic scenarios and the firm does not expect meaningful increases to loss reserves, the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on DFS:
- Citi ups Discover target, opens ‘positive catalyst watch’
- Discover price target raised to $130 from $129 at Piper Sandler
- Piper sees ‘incremental burden’ to spending after student debt ruling
- Discover price target raised to $131 from $123 at Seaport Research
- Discover price target raised to $119 from $114 at BofA
Questions or Comments about the article? Write to editor@tipranks.com