Encore Capital price target lowered to $64 from $70 at Truist

Truist lowered the firm’s price target on Encore Capital to $64 from $70 and keeps a Buy rating on the shares. Debt buyers appear to be deriving only moderate benefit from the uptick in industry supply of credit card charge-offs even as its growth, while still very positive, is decelerating, the analyst tells investors in a research note. The performance of the 2023 paper and the early indications for 2024 do not suggest any material cyclical firming, the firm says.