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Discover Financial jumps on earnings beat

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David Nelms, CEO at Discover Financial.
Jacob Kepler | Bloomberg | Getty Images

Shares of Discover Financial climbed more than 8 percent Wednesday after the company's earnings report topped analyst expectations.

The company posted earnings of $1.35 per share for the first quarter of 2016. Analysts had expected the company to report earnings of $1.29 a share.

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Analysts still see room for Discover to move to the upside. According to FactSet, analysts have an average price target of $61.52 on the stock which represents roughly an 8 percent premium to Discover's Wednesday intraday high of $56.88.

Shares of Discover have climbed more than 15 percent in the last 3 months, but it is down 5 percent over the past 12 months.

DFS in last 3 months