Capital One Financial Corp (NYSE:COF) beat Q2 forecasts as profit rose on lower loan-loss reserves and strong card volume aided by a partial-quarter Discover integration, drawing an unchanged overweight from Barclays despite a slight price-target cut while Johnson disclosed ties and will recuse.
Previous Week Recap
- Capital One Beats Expectations: Capital One (COF) beat Q2 expectations as profit rose and loan-loss provisions fell, with lower credit-loss reserves boosting quarterly results.
- Card Volume Growth From Discover Integration: Capital One (COF) reported strong card volume and revenue growth driven by the partial-quarter Discover integration; legacy Capital One volume rose notably while legacy Discover grew modestly.
- Barclays Maintains Overweight, PT Cut: Barclays maintained its overweight rating on Capital One Financial Corp (COF) and lowered its price target to $240 per share from $242, according to a report published at 12:45 GMT.
- Johnson Recuses, Forfeits COF Shares: Johnson disclosed ties to Capital One Financial Corp (COF), will recuse from COF matters for two years, and forfeited $250,000–$500,000 of unvested COF shares.
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