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Fly News Breaks for September 8, 2017
COF
Sep 8, 2017 | 08:59 EDT
As previously reported, Morgan Stanley analyst Betsy Graseck downgraded Capital One (COF) to Equal Weight from Overweight, stating that pressure on subprime consumers is rising, leading her to raise her subprime card loss estimates 5% and lower her EPS estimates for the company and peer Synchrony (SYF), which she also downgraded this morning. Capital One has a 36% mix of subprime credit cards, while 28% of Synchrony's credit cards are subprime, Graseck noted. She has an $83 price target Capital One shares.
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