Citi Has Buy On Capital One

Citi Investment Research has a Buy rating and a $60 price target on shares of Capital One Financial COF. In a note to clients, Citi writes, "COF May monthly managed credit data showed a -10 bps decline in the Nat'l Lending net charge-off (NCO) rate to 4.15% while delinquencies were up 5 bps to 4.25% (see Figure 1). US Cards & International Cards drove the improvement in NCOs. US card balances were down only 17 bps m/m (slightly better than April's -24 bps m/m decline ex-Kohl's acquisition)." Shares of COF closed at $48.43 yesterday.