COF: Highlights from Wells Fargo Financial Services Conference

研报英文原文证据摘录

COF: Highlights from Wells Fargo Financial Services Conference

Equity Research

Flash Comment — May 13, 2026

Consumer Finance

Capital One Financial Corporation

Highlights from Wells Fargo Financial Services Conference Overweight

Price Target: $260.00

Ticker COF

Our Call Upside/(Downside) to Target 43.2%

Despite the tougher macro, credit and spend trends remain strong. We'd expect solid Price (05/13/2026) $181.54

monthly delinq's stats on Friday. Investors focused on 1) consumer spend deceleration 52 Week Range $174.98 - 259.64

data points, 2) exp's and 3) ROTCE. Higher share buybacks should be a positive. Market Cap (MM) $113,172

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Takeaway #1. Similar to other lender comments at the conference, COF is not seeing Donald Fandetti, CFA

incremental consumer weakness in their portfolio from the current environment. Equity Analyst | Wells Fargo Securities, LLC

Don.Fandetti@wellsfargo.com | 704-410-6093

But investor hallway chatter was around softer consumer spend data points in May

around gas/inflation, geopolitical. COF still views credit trends as strong (recall their DQ Steven DeBartolo, CFA

performance was better than typical seasonality). Associate Equity Analyst | Wells Fargo Securities, LLC Steven.Debartolo@wellsfargo.com | 201-739-8679

Nathaniel Richam-Odoi

Takeaway #2. They reiterated the Q1 conference call message that ROTCE for the Associate Equity Analyst | Wells Fargo Securities, LLC

combined COF/Discover (incl Brex/Hopper acq's) remains on-track with original Nathaniel.Richam-Odoi@wellsfargo.com |

expectations, even at slightly higher capital levels. Based on our discussions, investors are 212-214-8295