Discover sees FY13 NIM above normalized range of 8.5%-9% Key long-term targets include: Tier 1 common ratio ~9.5%, ROE 15%+. Sees card receivables growth rate 2%-5%, other consumer lending growth rate 5%-10%, payments volume growth rate 10%+. For 2013, sees greater than industry average card loan growth. Says card delinquency trends not indicating a change in credit environment. Comments from slides that will be presented at the 2013 Financial Community Briefing.
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Discover network business remains undervalued, says Susquehanna Susquehanna believes Discover's network business is still undervalued calling a hidden asset. The firm expects the company's multiple to expand as the network surfaces on the PayPal and other partnerships. Shares are Positive rated with a $49 price target.