Jefferies analyst John Hecht upgraded Capital One (COF) to Buy from Hold with a price target of $165, up from $145. The firm sees a “win-win” for owning the shares as a standalone company or potentially combined with Discover (DFS). Standalone, the analyst sees upside given Capital One’s “forward-thinking strategic positioning,” which has resulted in the company being ahead of the curve in credit performance and in a position to lean into markets such as auto. Meanwhile, the Discover opportunity is “transformative, accretive, and provides optionality adding to the potential upside,” contends Jefferies.
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