Wells Fargo raised the firm’s price target on Capital One (COF) to $225 from $210 and keeps an Overweight rating on the shares. The firm is encouraged by the continued decline in card delinquency rates year-over-year, and now NCOs are declining year-over-year. Wells sees further reserve release through 2025. Significant share buybacks post-Discover (DFS) close May 18th should provide a technical tailwind, it adds.
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