Capital One Financial Corp. Rating Reiterated by Bank of America (COF)
Capital One Financial Corp. (NYSE:COF)‘s stock had its “buy” rating restated by equities researchers at Bank of America in a research report issued on Thursday, American Banking & Market News reports. They currently have a $84.00 price target on the stock, up from their previous price target of $78.00. Bank of America’s price target suggests a potential upside of 12.72% from the stock’s previous close.
The analysts wrote, “COF reported Q1 GAAP EPS of $1.96, above our $1.80 estimate and Consensus of $1.70 as top-line revenue miss was offset by lower provisions and lower operating expenses. Credit provisions were +$0.39 vs. our forecast, while lower expenses were +$0.58. COF released a healthy $208M of reserves in the quarter. Q1 was also noisy, as COF restated some results and upped its prior ’14 PPNR guidance to $10B from $9.8B, mainly due to its adoption of a new accounting standard related to its low income housing tax credits. Loan growth still remained weak, but COF saw some positives and reiterated that 2H’14 will be more favorable. “Overall, Q1 was stronger than expected on expenses and credit costs and we think investors will react favorably to the print as they wait for better top-line growth to potentially materialize later in the year. Reiterate Buy.”
A number of other analysts have also recently weighed in on COF. Analysts at Oppenheimer raised their price target on shares of Capital One Financial Corp. from $81.00 to $85.00 in a research note on Thursday, April 3rd. They now have an “outperform” rating on the stock. Separately, analysts at FBR Capital Markets reiterated an “outperform” rating on shares of Capital One Financial Corp. in a research note on Thursday, March 27th. Finally, analysts at EVA Dimensions downgraded shares of Capital One Financial Corp. from a “hold” rating to an “underweight” rating in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $80.72.
Capital One Financial Corp. (NYSE:COF) opened at 75.16 on Thursday. Capital One Financial Corp. has a 1-year low of $52.34 and a 1-year high of $78.49. The stock’s 50-day moving average is $74.68 and its 200-day moving average is $72.55. The company has a market cap of $42.878 billion and a price-to-earnings ratio of 10.72.
Capital One Financial Corp. (NYSE:COF) last released its earnings data on Wednesday, April 16th. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.29. The company had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter in the previous year, the company posted $1.79 earnings per share. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, analysts predict that Capital One Financial Corp. will post $6.86 earnings per share for the current fiscal year.
Capital One Financial Corporation is a diversified financial services holding company with banking and non-banking subsidiaries.
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