Discover Financial Stock Upgraded on Valuation

However, today's broad-market selloff is weighing on the stock

Deputy Editor
Jan 24, 2022 at 10:41 AM
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This morning, Discover Financial Services (NYSE:DFS) received an upgrade from Piper Sandler to "overweight" from "neutral," with a price-target hike to $142 from $125. The firm cited several factors, including the stock's current valuation. However, DFS has pulled back from its pre-market gains as the broader market weighs, down 3.7% to trade at $110.21 at last check. 

The shares have been pulling back since their mid-January peak, after the stock's rally ran out of steam at the $130 level. Now, Discover Financial stock is headed for its sixth-straight daily loss and is down 4.7% year-to-date. 

Shorts have been jumping ship these last couple weeks, with short interest down 17.9% during its most recent reporting period. Still, it would take nearly three days to buy back these bearish bets, at DFS' average pace of trading. 

Should other analysts also see an attractive entry point for the stock, further upgrades could give the stock a boost. Coming into today, seven analysts in coverage carry a "hold" rating on the security. 

 

 

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