Discover Financial Faces Concerns Over Remediation Reserve, Analysts Caution Despite Q1 Sales Growth
Discover Financial Faces Concerns Over Remediation Reserve, Analysts Caution Despite Q1 Sales Growth
Discover Financial Services (NYSE:DFS) shares are trading higher on Thursday.
週四，Discover Financial Services（紐約證券交易所代碼：DFS）股價上漲。
The company reported first-quarter revenue of $4.21 billion, net of interest expense, which was up 13% year-over-year. The total beat a Street estimate of $4.07 billion, according to data from Benzinga Pro.
該公司報告稱，扣除利息支出後，第一季度收入爲42.1億美元，同比增長13％。根據Benzinga Pro的數據，總額超過了華爾街估計的40.7億美元。
Read More: Discover Financial Q1 Earnings Highlights: Revenue Beat, Charge-Offs Rise, Merger Update And More
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Goldman Sachs analyst Ryan M. Nash highlights the company's whopping $799 million charge related to the card misclassification remediation reserve in the quarter, which Discover Financial Services has incurred in the quarter under review.
高盛分析師瑞安·納什強調，該公司在本季度收取了高達7.99億美元的與信用卡錯誤分類補救儲備金相關的高達7.99億美元的費用，Discover Financial Services在本報告所述季度產生了這筆費用。
In terms of credit, March metrics showed signs of improvement, with card DQs down -18bps month on month, outperforming seasonality by 12 bps while the year-over-year increase fell to +107bps versus +127bps last month (+135bps in Jan), the analyst notes.
分析師指出，在信貸方面，3月份的指標顯示出改善的跡象，信用卡DQ環比下降了-18個點子，比季節性增長了12個點子，而同比增幅降至+107個點子，上個月爲+127個點子（1月份爲+135個點子）。
Evercore ISI analyst John Pancari also flags Discover Financial Services' sizable incremental customer remediation reserve.
Evercore ISI分析師約翰·潘卡里還提到了Discover Financial Services可觀的增量客戶補救儲備
According to the analyst, this is in addition to the company's existing ~$370 million reserve related to the card misclassification/merchant tiering issue.
根據分析師的說法，這是除了該公司現有的約3.7億美元儲備金外，該儲備金與信用卡分類錯誤/商戶分層問題有關。
Pancari reiterated an In Line rating on the stock, with price forecast of $140.
潘卡里重申了對該股的在線評級，預計股價爲140美元。
Wells Fargo analyst Donald Fandetti reiterated an Equal Weight rating on Discover Financial Services with a forecast of $135.
富國銀行分析師唐納德·範德蒂重申了對Discover Financial Services的同等權重評級，預測爲135美元。
While Fandetti applauds the company's core beat, he cautions about the company's "large" remediation reserve.
儘管範德蒂對公司的核心表現表示讚賞，但他對該公司的 “大量” 補救儲備持謹慎態度。
Overall, an ~10.8x P/E is warranted given the optionality of the pending Capital One Financial Corporation (NYSE:COF) acquisition, partially mitigated by the deal regulatory challenges and uncertain macro.
總體而言，鑑於即將進行的Capital One Financial Corporation（紐約證券交易所代碼：COF）的收購具有可選性，但交易監管挑戰和不確定的宏觀情緒在一定程度上緩解了這一收購，市盈率約爲10.8倍。
The 10.8x is above the historical ~9-10x for card issuers, the analyst highlights.
分析師強調，10.8倍高於髮卡機構的歷史約9-10倍。
Price Action: DFS shares are trading higher by 3.25% to $123.82 on the last check Thursday.
價格走勢：在週四的最後一次支票中，DFS股價上漲3.25％，至123.82美元。
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譯文內容由第三人軟體翻譯。