Morgan Stanley analyst Betsy Graseck upgraded Discover Financial Services to Overweight from Equal Weight with a price target of $116, up from $104. Thea analyst says Discover is one of the few stocks she covers with “significant excess capital.” The reinstatement of a share buyback plus stronger loan growth drives 2023 estimates higher, Graseck tells investors in a research note. The analyst cites the resumption of the share buyback for the upgrade.
previous post