New York, October 1 (FinanceEnquiry.com) – Analysts at Bank of America Merrill Lynch reiterate their BUY rating on the shares of Discover Financial Services (NYSE: DFS). The 12-month target price has been raised from $40.00 to $47.00.
In a research note published on September 28, the analysts mention that strengthening the bullish sentiment that has enclosed Discover Financial Services for some time now, solid commentary on the earnings call of the company was given by DFS and moreover this, being nicely above anticipations, it also posted solid core results of third quarter of this year. In addition to this, on the day, the stock of Discover Financial Services was high 7.3 percent.
Also, the earnings leverage for which DFS has positive credit seems highly boosting. Furthermore, the present backdrop will probably continue and is good too. It means that, shares of Discover Financial Services will be followed higher by the estimates of 2013 that are too low now.
Buybacks and dividend growth are predicted to drive DFS shares nicely into the mid-$40′s due to the strong capital generation. Moreover, serving as a strong earnings drag, credit will finally turn. On the other hand, for DFS to shift higher in the meantime, that day appears far enough in the future. On September 27, Discover Financial Services closed at $39.71, the analysts add further.
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