- Capital One (COF -0.2%) has drifted along the flatline all day after reporting better than expected Q2 results and posting growth in its domestic credit card business ahead of the schedule it had forecast for investors.
- Several analysts raised their price targets for COF shares: Barclays, for one, hiked its target to $93 from $86, praising the Q2 beat on the back of a lower than expected loan loss provision, fee income and a decline in the company's tax rate.
- RBC Capital lifts its target to $88 from $79, noting that overall Q2 core results were favorable, largely driven by higher fee income during the quarter with loan growth coming in nearly all loan types, which had been a constraint; Oppenheimer raises its target to $98 from $94, believing Q2 confirmed COF is at an inflection point for revolving credit growth (Briefing.com).