Discover Financial (DFS) May Loan Growth Accelerates, PT Raised to $133 at BofA Securities

BofA Securities analyst Kenneth Bruce raised the price target on Discover Financial (NYSE: DFS) to $133.00 (from $132.00) after the company reported May operating metrics, highlighting increased loan balances and stable credit.

The analyst reiterated a Buy rating, stating "we view the release positively – loan balances grew and appear to have troughed in April, while credit remains resilient. DFS’ Marqeta windfall also likely boosts capital return potential and alleviates some of the concern around elevated near-term marketing spend. We increase our PO to $133 ($132 prev.) based on an unchanged 11x PE multiple to our 2022 EPS."

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