J.P. Morgan Comments On DFS Annual Investment Meeting

On Wednesday, Discover Financial DFS hosted its annual Investment Community meeting, J.P. Morgan reports. “Headed into the meeting (and earnings), our view was that positive catalysts would drive shares toward the high end of our valuation range before potentially receding to preearnings levels,” J.P. Morgan writes. “The news over the past two days has significantly exceeded our expectations, dampening the risk of a near-term pullback even as shares trade higher. While DFS shares appear fairly valued, we believe near-term downside has been substantially diminished.” Discover Financial closed Wednesday at $23.44.