BTIG lowered the firm’s price target on Capital One (COF) to $270 from $308 and keeps a Buy rating on the shares. The acquisition of Brex makes sense over the long term, though the firm is taking its own estimates down, primarily due to both the near-term dilution on the deal and the slowing of our share repurchases for the next two years, the analyst tells investors in a research note. BTIG adds that the acquisition has “negative implications” for American Express (AXP).
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