) to market underperform from market perform.
Analyst Michael Hodes says the risk/reward equation has visibly deteriorated on margin, and should remain weak with higher chargeoffs and slower growth. He dees flat to reduced net interest margin and expects a slow incremental economic recovery. He believes first-half projections are not likely to brighten the picture either with line management driven receivable growth, escalating losses, flat accounts in enhancement services and pronounced expense cuts. He maintains a cautious outlook; and thinks management's outlook could prove aggressive. Finally, Hodes sees $2.30 2002 EPS.