UPDATE: Wedbush Starts Capital One Financial (COF) at Neutral
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(Updated - October 11, 2016 7:35 AM EDT)
Wedbush initiated coverage on Capital One Financial (NYSE: COF) with a Neutral rating and a price target of $78.00.
Analyst Henry Coffey Jr. commented, "We are initiating coverage on Capital One Financial Corp. (COF) with a NEUTRAL rating and a $78.00 price target. COF is one of the big five card issuers. While we can look past recent reserve cost tied to the growth in credit card balances, we believe upside is limited due to the lower returns of its commercial lending business and structural cost tied to its branch footprint. Our rating reflects this and our price target factors in the lower growth that could result from these two offsetting factors."
Shares of Capital One Financial closed at $73.05 yesterday.
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