UPDATE: Citi Lowers PT on Discover Financial Services to $24

Citi is out with its report today on Discover Financial Services (NYSE: DFS), lowering its PT from $28 to $24.

In its report, Citi writes, "We are lowering our target price by $4 to $24 from $28. We are lowering our P/E multiple to 8x our 2012 estimate from 9x based on lower comp valuations and a more cautious stance on credit after an extended period of charge-off and delinquency improvement."

Citi maintains Hold on DFS.

Shares of DFS closed Friday at $22.26, down 2.96% from Thursday's close.