TD Cowen upgraded Capital One (COF) to Buy from Hold with a price target of $258, up from $184. The firm says that with Discover acquisition, Capital One is now one of the “rare companies that owns an actual payment network.” It believes Capital One “could be a better steward” of Discover’s network assets, which could warrant a higher valuation for the combined company. TD cites benefits from the Discover deal, improving credit, and potentially significant capital return for the upgrade.
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