Oppenheimer Reiterates Underperform on Capital One Financial (COF)

August 24, 2016 11:01 AM EDT
Get Alerts COF Hot Sheet
Price: $88.73 +2.14%

Rating Summary:
    16 Buy, 16 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Oppenheimer maintained an Underperform rating and $59.00 price target on Capital One Financial (NYSE: COF) as data continues to suggest caution.

Analyst Ben Chittenden commented, "We remain comfortable with our Underperform recommendation on COF. We continue to believe that consensus provision expectations for 2017 are too low and thus we see an earnings revision cycle ahead of us. Our thesis is predicated on the combination of our view that there is a bifurcation of subprime vs. prime credit developing as well as reserve additions for the growth will continue to remain elevated. With ~50% of the domestic card loan growth continuing to come from subprime balances and the seasonality of the NCOs becoming a headwind, we would use the recent calm in the share price as an opportunity to sell shares. We maintain our $59 price target."

For an analyst ratings summary and ratings history on Capital One Financial click here. For more ratings news on Capital One Financial click here.

Shares of Capital One Financial closed at $68.79 yesterday.

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