Credit Suisse analyst Paul Condra lowered his price target on Alliance Data Systems (ADS) to $206 from $218 ahead of the company's Q1 results on April 19. In a research note to investors, Condra noted that loss rates have trended higher than anticipated year-to-date and receivables have trended below expectations, attributing the recent weakness in the stock to broad macro volatility, fears that Facebook's (FB) data issues could spread to others in the industry and market realization of increased EPS risk stemming from higher loss-rates and slower receivables growth. While he said talks among investors over a potential break-up of Alliance Data are believed to have increased recently, Condra feels that breaking the company up would be a "net neutral to negative" for the stock. Condra has an Underperform rating on Alliance Data Systems.