Morgan Stanley analyst Betsy Graseck said she expects Discover shares to be down by a mid-to-high single digits percentage today given that her forward EPS estimates are reduced 7%-8% to account for the company's much higher than expected expense guidance for 2020. Discover's management "basically said" that they believe they have been under-investing in their own brand, according to Graseck, who said the timing and size of the company's accelerated investment spending is "certainly a negative EPS surprise to both us and investors alike." With that said, she believes Discover's building utilization of the cloud for data, analytics and marketing should drive a quicker feedback loop into revenue growth and expense reductions and she keeps an Overweight rating the shares, but with a reduced price target of $94.