Citi Maintains Buy Rating and $60 PT on Capital One Financial

A report from Citi reiterates its Buy rating and $60 price target on Capital One Financial (NYSE: COF).

The report states, “COF Oct monthly managed credit data showed a +22 bps increase in the Nat'l Lending net charge-off (NCO) rate to 3.68% while delinquencies were up +12 bps to 4.71% (see Figure 1). The NCO rate ticked up across US Card, International and Auto. US card delinquencies were up 8 bps m/m as credit continues to moderate after an extended period of improvement. The key positive was the growth in domestic card balances, up 10bps m/m to $53.8B.”

COF closed yesterday at $43.81.