Wolfe Research upgraded Capital One (COF) to Outperform from Peer Perform with an $189 price target. The firm believes beneficiaries of healthy labor markets will outperform “casualties of higher-for-longer rates.” Capital One has meaningful upside if the Discover (DFS) deal closes and limited downside if it does not, the analyst tells investors in a research note. Wolfe would not be surprised to see regulators approve the merger.
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