Citi Maintains 'Sell' Rating on Discover Financial (DFS), Lowers Estimates
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Citi maintains a 'Sell' rating on Discover Financial Services (NYSE: DFS). Price target $14.
Citi analyst says, "The recent release of AXP’s weaker than expected 2Q08 results and worse guidance for the balance of ‘08 does not bode well for DFS. In particular, we believe business deterioration over the course of 2Q08, culminating in higher net charge-offs (NCOs) and lower spending growth, suggest that DFS’ core U.S. card unit may be facing weakening trends as well...Accordingly, to reflect increased expected NCOs, lower credit card purchase volume, and lower loan growth rates over the foreseeable future, we are lowering our EPS to $1.50, $1.60, and $1.70 for ’08, ’09, and ’10, respectively."
Discover Financial Services (DFS) is a credit card issuer and electronic payment services company. [SM]
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