Baird analyst David George upgraded Capital One (COF) to Outperform from Neutral with a $101 price target, telling investors in a research note that the valuation is "too compelling to ignore" for this "quality" franchise. George acknowledges the high leverage to consumer lending and more limited credit visibility, but thinks bear-case earnings power in a recession is $9-$10/sh, and valuation still looks reasonable in this stressed scenario. George says Wells Fargo (WFC), Citizens Financial (CFG) and PNC (PNC) remain his other top Outperform-rated ideas.