JMP Securities analyst David Scharf said his analysis of retail sales trends among Alliance Data Systems publicly traded clients leads him to believe that its loan growth will likely receive an increasing boost from the more rapid growth exhibited by many of the newer programs in recent years. This is a positive development and trend, but also one that is essential to the company achieving its 2018 guidance, he added. Scharf lowered his price target on Alliance Data to $270 from $310 to reflect a lower multiple, but keeps an Outperform rating on the stock.