UPDATE: Sterne Agee Raises PT to $45 on Discover Financial Services on Positive Momentum

Sterne Agee reiterated its Buy rating on Discover Financial Services

and raised its price target from $40 to $45. Sterne Agee noted, "The forward momentum in this company's Direct Bank and network points to a company capable of continuing to invest and grow the card business, expand the network, develop/launch new products, buy back stock, and build reserves as needed. Reflecting this we are increasing our estimates and raising our price target from $40 to $45." Discover Financial Services closed at $39.71 on Thursday.