Morgan Stanley Resumes Coverage on Capital One Financial at Overweight

A report from Morgan Stanley states that it has resumed coverage of Capital One Financial (NYSE: COF) with an Overweight rating and a $60 price target.

Morgan Stanley writes, “The proposed acquisitions give COF more levers to drive EPS growth. COF's ability to execute on the integration of ING Direct and HSBC without significant attrition and its ability to manage credit costs are key to hitting EPS est. Catalysts for the stock include regulator approval of ING and successful integration of ING and HSBC portfolios”.

COF closed Friday at $39.81.