Nomura Securities Maintains a 'Buy' on Capital One Financial (COF); 4Q Review

Nomura Securities maintains a 'Buy' on Capital One Financial (NYSE: COF) price target of $54.00.

Analyst, Brian Foran, said, "Capital One’s 4Q results missed on every line item. We can get our arms around revenue, provisions and marketing, but operating expenses were a big miss that drives negative estimate revisions. Our 2012E falls to $5.50 and 2013E to $6.50, both down $0.50. Our target falls proportionately from $58 to $54. We are sticking with a Buy given we believe a) there will be an estimate reset to consensus, but b) core revenues were actually good, and growth at stable margins is a scarce commodity in financials, and c) the stock is OK on 2012F at 9x but really attractive on 2013F at 7.5x."

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 $48.77 yesterday.

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