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Capital One Financial Corporation Message Board

  • hocbas hocbas Jul 14, 2008 10:41 AM Flag

    Lehman cuts American Express, Capital One price targets

    UPDATE 1-Lehman cuts American Express, Capital One price targets
    Mon Jul 14, 2008 10:33am EDT
    (Recasts, adds details)

    July 14 (Reuters) - Lehman Brothers cut its price targets and 2008 earnings per share estimates on credit card companies American Express (AXP.N: Quote, Profile, Research, Stock Buzz) and Capital One Financial (COF.N: Quote, Profile, Research, Stock Buzz).

    The brokerage said Capital One's shares are likely to remain under near-term pressure, hurt by rising delinquencies and limited margin expansion potential.

    Lehman cut its price target on the stock to $57 from $62, and 2008 earnings estimate to $5.20 a share from $5.25.

    It cut American Express' price target to $50 from $55 and 2008 earnings estimates to $3.30 a share from $3.35.

    Lehman said it expected American Express to lower its operating growth outlook for the year.

    Investors might consider the MasterCard settlement payout of $150 million per quarter as non-operating growth, the brokerage said.

    It, however, maintained its "equal weight" ratings on both the stocks.

    Shares of Capital One Financial were down about 3 percent at $37.40 in morning trade on the New York Stock Exchange, while those of American Express were down about 1.5 percent at $38.60 (Reporting by A.Ananthalakshmi in Bangalore; Editing by Jarshad Kakkrakandy) ((ananthalakshmi.as@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net))

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