Bread Financial assumed with Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Bread Financial (BFH) to Peer Perform from Outperform without a price target after assuming coverage of the name. The firm sees limited share upside in near-term. Bread has a lack of positive revision catalysts and the stock’s risk/reward is fairly balanced at current levels, the analyst tells investors in a research note. Wolfe believes the company’s credit improvement in 2026 and beyond is largely reflected in consensus estimates and Bread’s valuation.