{"id":2885,"date":"2023-05-01T16:32:39","date_gmt":"2023-05-01T20:32:39","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/credit-suisse-cuts-estimates-on-capital-one-following-1q-miss-reiterates-outperform\/"},"modified":"2023-05-01T16:32:40","modified_gmt":"2023-05-01T20:32:40","slug":"credit-suisse-cuts-estimates-on-capital-one-following-1q-miss-reiterates-outperform","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=2885","title":{"rendered":"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform<\/span>
\n<\/i>\n<\/div>\n

Credit Suisse reiterated an Outperform rating on Capital One <\/span><\/span> Financial (NYSE:) and cut their price target on the stock to $108.00 (from $112.00) after the bank holding company reported 1Q results below expectations.<\/p>\n

COF 1Q EPS of $2.31, below Credit Suisse\u2019s estimate of $4.00 and the consensus of $3.84. Revenue for the quarter came in at $8.9 billion versus the consensus estimate of $9.06 billion.<\/p>\n

Analysts wrote in a note, \u201cThe miss against CSe was primarily driven by higher provision ($2.00 impact), due to bigger reserve build in credit card and commercial, though losses were in line. The reserve build in commercial was primarily driven by COF\u2019s commercial office real estate portfolio ($3.6 Bn in balances), whose criticized and nonperforming rates have increased. Lower fee revenue drove lower revenues than expected ($0.17 impact). Opex was lower than CSe ($0.33 benefit), including lower marketing. COF also benefited from a lower tax rate in the quarter. Though EPS was below our forecast, card loan growth and purchase volume were both ahead. Coupled with declining credit card payment rate, this should result in higher than-consensus card loan growth, which would drive future NII. Buyback continues to be low in the short term.\u201d<\/p>\n

COF continues to target CET1 of 11% (12.5% currently). Capital One expects 2023 operating efficiency ratio to be roughly flat to modestly down compared to 2022. The company also expects monthly charge-off rates to get back to 2019 levels around the middle of 2023. Management believes COF\u2019s cash balance will stay elevated relative to pre-pandemic levels in the near term, though this should trend down eventually over time, a tailwind for NIM.<\/p>\n

Credit Suisse adjusted 2023\/2024 EPS estimates to $12.25\/16.00 (from: $14.00\/$16.50), reflecting 1Q results.<\/p>\n

Shares of COF are up 1.76% in afternoon trading on Friday.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform Credit Suisse reiterated an Outperform rating on Capital One Financial (NYSE:) and cut their price target on the stock to $108.00 (from $112.00) after the bank holding company reported 1Q results below expectations. COF 1Q EPS of $2.31, below Credit […]<\/p>\n","protected":false},"author":1,"featured_media":2886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-2885","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCredit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform Credit Suisse reiterated an Outperform rating on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=2885\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform Credit Suisse reiterated an Outperform rating on\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=2885\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-01T20:32:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-01T20:32:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXMPED2F0KL_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=2885#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=2885\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform\",\"datePublished\":\"2023-05-01T20:32:39+00:00\",\"dateModified\":\"2023-05-01T20:32:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=2885\"},\"wordCount\":308,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=2885#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=2885\",\"url\":\"https:\/\/ifintechworld.com\/?p=2885\",\"name\":\"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-01T20:32:39+00:00\",\"dateModified\":\"2023-05-01T20:32:40+00:00\",\"description\":\"\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform Credit Suisse reiterated an Outperform rating on\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=2885#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=2885\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=2885#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform | iFintechWorld","description":"\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform Credit Suisse reiterated an Outperform rating on","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=2885","og_locale":"en_US","og_type":"article","og_title":"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform | iFintechWorld","og_description":"\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform Credit Suisse reiterated an Outperform rating on","og_url":"https:\/\/ifintechworld.com\/?p=2885","og_site_name":"iFintechWorld","article_published_time":"2023-05-01T20:32:39+00:00","article_modified_time":"2023-05-01T20:32:40+00:00","og_image":[{"width":800,"height":530,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXMPED2F0KL_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=2885#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=2885"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform","datePublished":"2023-05-01T20:32:39+00:00","dateModified":"2023-05-01T20:32:40+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=2885"},"wordCount":308,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=2885#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=2885","url":"https:\/\/ifintechworld.com\/?p=2885","name":"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-01T20:32:39+00:00","dateModified":"2023-05-01T20:32:40+00:00","description":"\u00a9 Reuters. Credit Suisse cuts estimates on Capital One (COF) following 1Q miss, reiterates Outperform Credit Suisse reiterated an Outperform rating on","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=2885#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=2885"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=2885#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Credit Suisse cuts estimates on Capital One following 1Q miss, reiterates Outperform"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/2885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2885"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/2885\/revisions"}],"predecessor-version":[{"id":2887,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/2885\/revisions\/2887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/2886"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}