Capital One- COF High Risk Now Bank Shopping After Feds Approve(locals in VA talking about serious reserves need to be established for the credit card losses....)
Legg (COF) Reit Buy Our 2Q04 EPS estimate for COF is $1.46, $0.04 below the mean estimate of $1.50. COF`s inability to carry a general loss reserve (post-MOU) has driven a string of positive EPS surprises driven by falling reserve levels (can`t smooth EPS). This quarter should not be too much different as we can model anywhere from $1.06 to $1.70 depending on reserve levels (reserves-to-delinquencies between 118% and 100%, respectively). We don`t think the EPS number matters much, however, as investors will likely focus more heavily on core growth and profitability trends, backing out any reserve changes.
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