Capital One assumed with an Outperform at Wolfe Research

Wolfe Research analyst Darrin Peller assumed coverage of Capital One (COF) with an Outperform rating and $270 price target The firm says the company’s higher returns should be a supportive of a higher valuation. Further improvement in both Capital One’s earnings power and returns in the low 20% range should support a modestly higher multiple versus what the company has historically garnered, the analyst tells investors in a research note.