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Fly News Breaks for January 24, 2020
DFS
Jan 24, 2020 | 08:41 EDT
Evercore ISI analyst John Pancari downgraded Discover to Underperform from In Line with a $75 price target, down from $85, following the company's Q4 report. The company's earnings are likely to be pressured by elevated investments, higher credit costs, and lower buybacks in 2020, said Pancari who cut his 2020 and 2021 EPS estimates by 7% and 8%, respectively. He notes that Discover shares trade at a premium to peer consumer finance names and said he expects the stock's multiple to compress going forward from here.
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