Jefferies Slashes Estimates on Capital One Financial (COF); Poor Optics but Earnings Trajectory Intact

Jefferies maintains a 'Buy' on Capital One Financial (NYSE: COF) price target of $70.00 (from $72.00).

Analyst Daniel Furtado, said, "COF reported EPS of $0.16 for 2Q12, which was a quarter marked by significant accounting noise due to the HSBC (NYSE: HBC) integration and legal expenses related to the interchange settlement as well as cross sell activities. Despite the accounting impacts, fundamentals appear to be sound."

Jefferies lowers FY12 EPS estimate from $6.74 to $5.39 and FY13 from $7.16 to $6.98.

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 $56.37 yesterday.

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