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Evercore cuts Discover target, adds to “Tactical Underperform list’

Evercore ISI analyst John Pancari lowered the firm’s price target on Discover to $90 from $112 and keeps an In Line rating on the shares. The analyst also added the shares to the firm’s “Tactical Underperform list.” Discover disclosed Roger Hochschild’s immediate resignation as CEO with no explicit rationale cited, and the change could be related to its recent regulatory and risk oversight issues, the analyst tells investors in a research note. The firm believes regulatory risk, management uncertainty, and expense implications could pressure Discover shares.

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