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Discover Is an 'Underappreciated Growth Story': Analyst

Discover "remains compelling to us," because of its diversification into other unsecured loan types, Chittenden wrote, adding "data-dependent analysis and underwriting of unsecured credit to consumers is really DFS's bread and butter."

Oppenheimer estimates Discover will earn $4.79 a share this year, with EPS growing to $5.01 in 2014.

Chittenden expects Discover, over time, to "trade in line with other financial services firms," at a multiple of 11 times forward earnings, supporting his price target.

DFS Chart DFS data by YCharts

Interested in more on Discover Financial Services Group? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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