Discover Financial Services

DFS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$166.00	Jdbnt	Rxttrzk

Discover Financial: Following Q4 Earnings We Are Reducing Our Fair Value Estimate

Michael Miller

Jan 23, 2024

Returning to Discover following its fourth-quarter earnings release, we are reducing our fair value estimate for Discover to $141 per share from $150 and lowering our Capital Allocation Rating to Standard from Exemplary. Our new fair value estimate translates to 14.2 times our projected 2024 earnings.

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