UPDATE: Morgan Stanley Raises Capital One's PT

According to a research report published earlier today, Morgan Stanley has increased Capital One Financial's (NYSE: COF) PT from $55 to $59.

In the report, Morgan Stanley said, “We believe COF is undervalued given uncertainty around accretion from the ING Direct and HSBC card acquisitions. Consensus estimates stand at $6.68 in 2013, with a range of $5.53-$7.60 (+14%, -17% vs. mean). We believe our own and consensus estimates will likely rise and this band will narrow as clarity improves throughout 2012, a rarity in our group given lower for longer rates and likelihood of QE3.”

Morgan Stanley maintains its Overweight rating on Capital One, which is currently trading at $48.56.