Buckingham Research Initiates Coverage on Capital One Financial (COF) with a Neutral
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Buckingham Research initiates coverage on Capital One Financial (NYSE: COF) with a Neutral.
Buckingham analyst says, "Although COF shares trade near all-time low multiples of tangible book value and earnings, we don’t expect much of a recovery while credit concerns persist. With the integration and rebranding of both North Fork and Hibernia complete, Capital One is set to begin realizing the benefits of integrating the customer bases of its local banking and national lending operations. Rising delinquencies and chargeoffs over the balance of the year as a result of portfolio seasoning and economic weakness are likely to exacerbate normal seasonal credit trends. Once credit begins deteriorating, we would expect COF shares to recover significantly, better reflecting intrinsic value of about $90 according to our valuation work."
Capital One Financial Corporation is a diversified banking company focused primarily on consumer and commercial lending and deposit origination. [SM]
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