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Capital One downgraded to Hold from Buy at Jefferies

Jefferies analyst John Hecht downgraded Capital One Financnial to Hold from Buy with a price target of $100, down from $120. The analyst believes there is incremental risk with Capital One in an economic downturn, due to its elevated delinquency rates versus peers given its sub-prime composition, auto exposure, and higher cost structure relative to peers. Also, he notes the current valuation does not represent value in the context of historical valuations.

Published first on TheFly

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