Citi Reports On DFS Q1

Citi has reported the results of Discover Financial Services first quarter.

Citi writes, "DFS reported EPS of $0.84, well above our estimate and consensus at $0.60. The strong beat was primarily driven by a large ~32c reserve release, along with higher non-interest income and a lower tax rate. The results included two months of the $4 B Student Loan Corp portfolio."

DFS has a Hold Rating and a $23.00 Price Target.

DFS closed at $22.25 yesterday.