UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, $63 PT for Capital One

In a company update issued earlier today, Bank of America Merrill Lynch reiterated its Buy rating and $63 price target for Capital One Financial Corp.

. BofA Merrill Lynch said in the report “COF's March credit results were better than expected and continue to underscore the favorable credit environment for issuers. US Card losses were better than forecast, up 1bps, at 3.85% vs. our 4.10% projection. Auto and Int'l Card also remained benign, with charge-offs remaining healthy and delinquencies falling again. As expected, US Card balances declined, while Auto and International segments were mixed. March's data continues to show a strong credit backdrop for COF and bodes well in our view for earnings in 2012.” Capital One Financial Corp. closed on Friday at $53.47.