UPDATE: Nomura Equity Research Reiterates Neutral Rating, Lowers PT on Capital One Financial Corp.

In a report published Friday, Nomura Equity Research reiterated its Neutral rating on Capital One Financial Corp. COF, but lowered its price target from $63.00 to $57.00. Nomura Equity Research noted, “Capital One reported 4Q12 EPS from continuing operations of $1.42 relative to our estimate of $1.74 and consensus of $1.64. The miss was driven by lower-than expected revenues and higher-than-expected operating expenses, partly offset by a lower-than-expected provision. The revenue miss this quarter was primarily driven by higher-than-expected revenue suppression and a greater-than-expected drag from elevated cash levels used to fund a $3.6bn trust preferred take-out completed in early January. In contrast to stronger-than-expected NIMs and expense control that COF delivered in 3Q12, it disappointed on both fronts this quarter. Management‟s forward looking commentary on revenues was disappointing and will likely result in a rebasing of consensus estimates well below the ~$7 range that investors were expecting for 2013.” Capital One Financial Corp. closed on Thursday at $61.59.