UPDATE: JP Morgan Raises PT to $36.50 on Discover Financial Following May Master Trust Data - Discover Finl (NYSE:DFS)

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JP Morgan reiterates its Overweight rating on Discover Financial (NYSE: DFS) and raises its price target from $36 to $36.50. JP Morgan comments, "Following the release of May master trust data, we are previewing results and adjusting our estimates for Discover prior to the company's FY2Q12 earnings. We are raising estimates to reflect better credit results relative to our previous estimates. The company is scheduled to release earnings before the market opens on Tuesday, June 19. We are maintaining our Overweight rating and increasing our 2012 year-end price target to $36.50 (prev. $36) to reflect our revised estimates."DFS closed at $32.99 on Friday.

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