发现金融服务公司（DFS）：合并完成后停止覆盖

John Hecht * | Equity Analyst(415) 229-1569 | jhecht@jefferies.comAlexander Villalobos * | Equity Associate+1 (415) 229-1479 | avillalobos@jefferies.comIbrahim Kargbo * | Equity Associate(415) 229-1447 | ikargbo@jefferies.comYuna Sohn * | Equity Associate+1 (415) 416-9219 | ysohn@jefferies.comJonathan Weitz * | Equity Associate+1 (415) 229-8717 | jweitz@jefferies.com Company DescriptionDiscover Financial ServicesDiscover Financial Services is primarily a credit card lender and issuer that offers consumers and businesses credit cards processed over the Discovernetwork. Discover also maintains relationships with third-party issuers that issue cards on the Discover network. In addition, Discover owns the PULSEdebit network and the Diners Club International network, and it recently expanded into private student lending with its acquisition of The StudentLoan Corporation.Company Valuation/RisksDiscover Financial ServicesOur $180 PT is based on 11.3x FY26E EPS. Risks include credit, regulatory and capital markets.Capital One Financial CorporationOur $200 price target equates to 10.5x FY26E EPS. Risks include credit deterioration, regulatory risk, and capital markets dependence.Analyst Certification:I, John Hecht, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Alexander Villalobos, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Ibrahim Kargbo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Yuna Sohn, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jonathan Weitz, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresWithin the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investmentbanking services from non-investment banking, securities related compensation for client services it provided to Capital One Financial Corporation.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlyPlease see important disclosure information on pages 2 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 19, 2025 , 16:02 ET.May 19, 2025 , 16:02 ET.2 below $10, the expected total return (