Capital One's 'pride' is hurt by the data breach ... but not much else, analysts say
Shares of Capital One took a dive Tuesday, after the financial services company announced a major data breach affecting 100 million people in the U.S., but Wall Street analysts say investors shouldn’t rush to sell.
Shane reiterated the overweight rating he’s had on the stock since at least December 2016, and kept his price target at $107, which is now 19% above current levels. “Short term we think this is a bit of a pride blow and could cause a short-term perception problem, but people will eventually move on,” Gabriele wrote in a research note.
Meanwhile, credit rating agency Fitch Ratings affirmed Capital One’s investment grade A- rating and the stable rating outlook, saying that while the data breach is credit negative in nature, it won’t have an “immediate impact” on its ratings as the direct financial impact appears to be “manageable.”
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