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Fly News Breaks for April 27, 2016
COF
Apr 27, 2016 | 08:10 EDT
As previously reported, BofA/Merrill downgraded Capital One to Underperform from Neutral and lowered its price target to $69 from $71. Analyst Kenneth Bruce said Capital One reported disappointing Q1 results on weaker revenues and higher provisions and said he is increasingly concerned that sub-prime credit card growth could drive higher losses than is currently factored into expectations or maintained guidance. Bruce sees little upside to shares given worsening visibility and credit metrics.
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