Capital One price target raised to $210 from $183 at JPMorgan

JPMorgan raised the firm’s price target on Capital One (COF) to $210 from $183 and keeps a Neutral rating on the shares. The company’s Discover merger officially closed on May 18 and while the rationale is well understood, the “nuance of Capital One’s long-term strategic plan remains complicated,” the analyst tells investors in a research note. The firm believes the merger is “well justified” on the near-term synergies of merging the portfolios. Long-term, the opportunity to modernize the Discover Network, issue Capital One credit cards on the network and capture enhanced data may transform Capital One’s business and earnings model, contends JPMorgan.