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In a report published Friday, Stifel analyst Christopher Brendler reiterated a Buy rating on
Capital One Financial Corp.COF, and raised the price target from $77.00 to $82.00.
In the report, Stifel noted, “In our view, COF's 3Q13 results are encouraging as the negative impact from rising delinquencies and HSBC portfolio optimization was more benign than anticipated. Although loan growth remains weak and the full impact of the BBY portfolio sale weighs on the 4Q13 outlook, we are increasingly optimistic as we continue to expect upside in 2014 from diminished acquisition headwinds, improving efficiency, and significant capital return. Combined, our 2014 estimates rise $0.25 and we see further upside potential should credit card industry growth start to pick up next year. As such, we reiterate our Buy rating and raise our target price to $82 based on 11.5x our new 2014E.”
Capital One Financial Corp. closed on Thursday at $72.15.
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