Credit Card Stocks Sink After Lehamn Cuts Estimates/Targets, Saying More Charge-Offs Are Coming in '09
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Shares of credit card companies American Express (NYSE: AXP), Capital One (NYSE: COF) and Discover Financial Services (NYSE: DFS) are under pressure today after Lehamn Brothers cut estimates and price targets on the companies saying delinquencies and charge-offs will be on the rise in 2009.
Lehman lowered its price target on American Express from $42 to $27, on Capital One from $57 to $46 and on Discover from $18 to $16.50. The firm has an Equal-Weight rating on all the stocks.
Shares of American Express are down 5% today to $38.81, Capital One is down 3.5% to $44.07 and Discover is down 3.7% to $16.37.
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