BofA analyst Mihir Bhatia raised the firm’s price target on Capital One (COF) to $233 from $223 and keeps a Buy rating on the shares following the completion of the acquisition of Discover Financial (DFS) on Monday. The strategic optionality around the closed loop Discover network could materially enhance Capital One’s offering in the deposit, bank and card franchises, says the analyst. The firm also thinks credit metrics are trending in the right direction and expense synergies should be “readily achievable,” the analyst added.
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Read More on COF:
- Capital One Financial’s Strategic Acquisition of Discover Financial Drives Buy Rating and Price Target Increase
- M&A News: What the Capital One–Discover $35B Merger Means for Cardholders
- Capital One Completes Acquisition of Discover Financial
- Strong Credit Performance and Loan Growth Support Buy Rating for Capital One Financial
- Capital One completes acquisition of Discover Financial Services
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