Capital One Financial (COF) PT Raised to $190 at Jefferies on Better PPNR
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Jefferies analyst John Hecht raised the price target on Capital One Financial (NYSE: COF) to $190.00 (from $180.00) after 1Q adj. EPS of $7.71 was well ahead of expectations, driven by a strong PPNR growth (+13% YoY) and a provision benefit. Better NII/efficiencies drove PPNR 10%+ above expectations while the company announced a special dividend and increased its run-rate distribution 50%.
The analyst reiterated a Buy rating, stating "The large beat was attributable to a better PPNR coupled with a provision benefit triggered by a $1.7B reserve release spread across all segments. The ($1.2B) provision took down ALLL to 4.95% which was 61 bps below forecast. Credit remained robust, as NCOs/DQs were down substantially, particularly in auto, and despite the release we consider the ALLL to be adequately funded to account for an eventual normalization of credit."
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