Piper Jaffray Lowers Estimates and Price Targets on American Express (AXP) and Capital One (COF)
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Piper Jaffray lowered estimates on credit card companies American Express (NYSE: AXP) and Capital One Financial (NYSE: COF) today, citing higher credit losses and lower spending growth.
Piper cut 2008 EPS estimates on American Express from $3.40 to $3.22, 2009 went from $3.75 to $3.40 and 2010 went from $4.25 to $4.20. Even with the estimate cuts, the firm is maintaining its Buy rating on the stock due to the company's franchise strength. The firm's price target was lowered from $68 to $51.
Piper cut 2008 EPS estimates on Capital One from $4.95 to $4.80, 2009 EPS went from $5.14 to $5.05 and 2010 went from $7.50 to $6.80. The firm is maintaining their Neutral rating and lowers their price target from $51 to $39.
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IF YOUR SO SMART HOW COME YOU DIDN'T DO THIS SIX MONTHS AGO???
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IF YOUR SO SMART...
SChalice on Jul 15, 2008 09:51 PMThe estimations hit may be related to the recent regulations banning specific business practices. http://www.washingtonpost.com/wp-dyn/content/article/2008/07/15/AR2008071501219.html