Bread Financial Holdings Inc

Our prior medium-term bearish posture (Trim) has been invalidated by the shift to Stage 2 and activation of a Bullish Pivot Point, signaling structural repair and upside mean reversion. With 9/20 EMAs and the 50 DMA now rising and price pulling back into these support zones, momentum conditions favor participation. We will buy on acceptance off the EMAs and 50 DMA to engage the Stage 2 advance.

• ↑Q1 credit sales rose 7% YoY to $6.5B, driven by new partnerships.
• ↑Repurchased 3.5M shares (8% of float) with a 13.0% CET1 ratio.
• ↓Net income declined YoY to $181M, underscoring weak profitability factors.