Oppenheimer Has Perform On Capital One Financial (COF)

Oppenheimer & Co. has a Perform rating on shares of Capital One Financial Corp. COF after the company reported earnings. In a note to clients, Oppenheimer writes, "COF reported 4Q10 EPS of $1.52 and this was close to our expectations of $1.39. The results, however contain $555 million of reserve releases and without any reserve releases EPS would have come in at about $0.71 versus expectations of $0.90. This technical miss does not concern us a great deal as core pre-provision earnings (PPE) were in line with our expectations, and the credit quality trends continue to improve, but the improvement in the quarter was not quite as much as we expected. We continue to think that the stock is fairly valued and don't believe that the report will have a significant impact on the stock." Shares of COF lost 7 cents yesterday to close at $47.25, a loss of 0.15%.