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Downgrade Alert for Discover Financial Services (DFS)

By Amy Schwartz

Discover Financial Services (NYSE:DFS) was downgraded from Overweight to Equal Weight at Barclays Capital today. The stock closed yesterday at $59.54 on volume of 3.2 million shares, below average daily volume of 3.5 million.

Over the past year, Discover Financial Services has traded in a range of $42.86 to $60.57 and closed yesterday at $59.54, 39% above that low. The 200-day and 50-day moving averages have moved 0.15% lower and 1.39% higher over the past week, respectively.

Discover Financial Services has overhead space with shares priced $59.54, or 12.2% below the average consensus analyst price target of $67.81. The stock should discover initial support at its 200-day moving average (MA) of $52.63 and subsequent support at its 50-day MA of $51.35.

Discover Financial Services is a credit card issuer and electronic payment services company. The Company issues credit cards and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts and operates an automated teller machine(ATM)/debit network, which includes ATMs, aswell as POS terminals nationwide.

SmarTrend recommended that subscribers consider buying shares of Discover Financial Services on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $55.60. Since that recommendation, shares of Discover Financial Services have risen 7.3%. We continue to monitor DFS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades discover financial services

Ticker(s): DFS