Discover Financial Services DFS reported 3Q10 EPS of $0.47 vs. operating results of $0.51 in the year ago period. Excluding $0.02 per share in investment gains, operating results of $0.45 were about Sterne Agees's estimates of $0.47.
According to Sterne Agee, most of the stronger quarter was tied to improved credit metrics, which positively impacted both interest income and provision levels.
Sterne Agee also increased estimates from $0.95 to $1.10 to reflect the stronger quarter and an increase on our 4Q10 EPS estimate.
Sterne Agee's Rating: BUY
Price Target: $20.00
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