UPDATE: J.P. Morgan Resumes Capital One Coverage: Overweight, $70 PT

J.P. Morgan resumed Capital One

coverage today with an Overweight rating and $70 price target in a research report published today. The firm previously had a Neutral and $54 price target on the company. In the report, J.P. Morgan stated, "We are naming COF our top pick within our coverage universe. This recommendation is consistent with our broad themes for the credit card industry (rebound in revolving credit growth and relatively stable credit). We believe that the current discount in COF shares will narrow as confidence in the company's post acquisition earnings stream improves, and the company moves closer to share repurchases." Shares of Capital One were trading at $53.84 at the time of posting, down 0.02% from Friday's market close.