Nomura Securities Remains Sidelined as Capital One Financial (COF) Announces Acquisition of Cabela’s Co-Brand Credit Card Portfolio
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Nomura Securities reiterated a Neutral rating and $72.00 price target on Capital One Financial (NYSE: COF) following the company's announced acquisition of the Cabela’s co-brand credit card portfolio. Nomura believes that the deal could translate into an EPS upside of 4% to 2017 estimates.
Analyst Bill Carcache commented, "COF announced the acquisition of the Cabela’s $5.2bn co-brand credit card portfolio (includes ~$5bn in funding liabilities), becoming the exclusive issuer of the Cabela’s CLUB Visa card (previously issued by World’s Foremost Bank, CAB’s bank subsidiary). The portfolio will be acquired for ~$200mn (par value of the receivables less par value of assumed liabilities) and includes revenue- and loss-sharing arrangements. The deal is expected to close in 1H17."
Shares of Capital One Financial closed at $72.13 yesterday.
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