Wolfe Research analyst Bill Carcache upgraded Capital One to Peer Perform from Underperform without a price target. The firm says there is “clear evidence” that labor market weakness and ensuing consumer credit degradation that it anticipated following over 500 basis points of Federal Reserve rate hikes never materialized. The labor markets have remained “exceptionally resilient,” and Wolfe now sees clear evidence that delinquency rate formations are rolling over, the analyst tells investors in a research note. Against this backdrop, the firm no longer believes an Underweight rating is appropriate and upgrades the card insurer group to Market Weight along with Capital One to Peer Perform.
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