Capital One (COF) PT Raised at Nomura on Solid Q2
Nomura Securities analyst Bill Carcache raised his price target on Capital One Financial (NYSE: COF) from $56 to $64 following a "good quarter all round" but maintained a Neutral rating.
"Excluding the impact of HFS accounting-related benefits from the Best Buy sale ($0.14) and reserve releases ($0.22), the company reported "core" 2Q13 EPS from continuing operations of $1.71, compared with our / consensus estimates of $1.60 / $1.51. The beat was broad-based, driven by a combination of higher revs, lower charge-offs, and lower expenses. In the face of the still-lingering growth challenges, we think Capital One managed to deliver strong financial results. Marketing expenses were especially well contained, declining 1.2% on a y-o-y basis and we would not be surprised to see purchase volume growth slow as a result of the same."
The firm trimmed FY 2013 EPS from $6.80 to $6.46 and FY 2014 was bumped from $6.74 to $6.75.
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 $67.05 yesterday, with a 52 week range of $50.21-$67.70.
"Excluding the impact of HFS accounting-related benefits from the Best Buy sale ($0.14) and reserve releases ($0.22), the company reported "core" 2Q13 EPS from continuing operations of $1.71, compared with our / consensus estimates of $1.60 / $1.51. The beat was broad-based, driven by a combination of higher revs, lower charge-offs, and lower expenses. In the face of the still-lingering growth challenges, we think Capital One managed to deliver strong financial results. Marketing expenses were especially well contained, declining 1.2% on a y-o-y basis and we would not be surprised to see purchase volume growth slow as a result of the same."
The firm trimmed FY 2013 EPS from $6.80 to $6.46 and FY 2014 was bumped from $6.74 to $6.75.
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 $67.05 yesterday, with a 52 week range of $50.21-$67.70.