Wolfe Research analyst Darrin Peller reiterated a Peerperform rating on Bread Financial Holdings (NYSE: BFH)

The analyst commented, "BFH's February DQ rate was down 1bp m/m to 5.84%, broadly in line with historical seasonality of -2bps. On a y/y basis, DQs were down 38bps vs. 27bps in January, and annualized DQ formations declined to 6.91% (-197bps y/y)... Bottom line, we view this month's data as positive due to both favorable credit trends (DQs / NCOs well lower on a y/y basis and tracking better vs. 1Q26 Street) and a continued modest growth inflection (also tracking slightly ahead of Street). BFH speaks this afternoon at an industry conference, and we expect to hear from them on consumer spend / credit trends amid the recent energy-related volatility as well as recent portfolio wins (Ford de-novo announced yesterday) and the competitive environment."

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Shares of Bread Financial Holdings closed at $72.59 yesterday.