Bread Financial price target raised to $36 from $33 at Morgan Stanley

Morgan Stanley analyst Jeffrey Adelson raised the firm’s price target on Bread Financial (BFH) to $36 from $33 and keeps an Underweight rating on the shares following quarterly results. The firm says that better incoming loan losses plus opportunistic share repurchases take its 2025/2026 EPS higher. Morgan Stanley remains cautious of the forward view given macro/tariff uncertainty and modestly higher unemployment from here, implications for subprime/retail credit card NCOs.