UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Lowers PT on Capital One Financial Corp.
In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating on Capital One Financial Corp. (NYSE: COF), but lowered its price target from $71.00 to $68.00.
Oppenheimer Holdings noted, “For the second year in a row COF threw an air ball in 4Q. Last year it was a stunning expense bulge and this time it was not so much the 4Q results themselves but the guidance that pre-provision earnings would be flattish with the 4Q level in 2013 and that it did not plan to ask the Fed for any share repurchases in this year's CCAR process. The shares were down 7% in the aftermarket, and we are disappointed as well. Nevertheless, in cases like this we find it best to put the emotion aside and do our numbers, and they point us to a still compelling but lower $68 price target on our downwardly revised $6.50 estimate, and thus we maintain our Outperform.”
Capital One Financial Corp. closed on Thursday at $61.59.
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