Discover Financial (DFS) PT Raised to $142 at BofA Securities After August Data Impresses

BofA Securities analyst Mihir Bhatia raised the price target on Discover Financial (NYSE: DFS) to $142.00 (from $139.00) while maintaining a Buy rating after the company reported strong August monthly operating results as loan growth accelerated and credit remains exceptional.

The analyst stated "The strong results should ease some investor concerns. DFS shares are down 9.5% over the past month vs. a flat S&P 500 as investors have been worried about the impact of a Delta-virus related macroeconomic slowdown, however monthly results suggest DFS is seeing limited evidence of such a slowdown. DFS’ likely pulled forward its monthly release as it is presenting at an investment conference tomorrow (typically on the 14th after-market) and will likely discuss QTD trends. We expect a positive reaction in shares to the August monthly data and maintain a Buy rating."

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