Credit Suisse Starts Bread Financial Holdings (BFH) at Neutral
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Credit Suisse analyst Moshe Orenbuch initiates coverage on Bread Financial Holdings (NYSE: BFH) with a Neutral rating and a price target of $38.00.
The analyst commented, "In our view, Bread Financial Holdings (BFH) is well positioned to gain share in the private label market and should benefit from operating leverage, as it has divested the low-margin marketing business, LoyaltyOne, to focus on the core card lending business. We believe the company now trades at a significant discount to comparable companies in the credit card space, as it is still in the middle of its journey to become more bank-like in its capital management and reporting practices. Earnings and balance sheet quality are improving, though earnings could be more volatile than peers in a period of higher credit losses."
Shares of Bread Financial Holdings closed at $32.76 yesterday.
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