J.P. Morgan Raises PT On COF To $54

J.P. Morgan, citing 1Q11 earnings, is raising its price target on Capital One Financial (NYSE: COF) from $52 to $54.

Says J.P. Morgan, in the report, “COF 1Q11 earnings rounded out the card group reporting season with the most surprising results. Unexpected margin expansion helped augment core portfolio run-off and distinguished 1Q11 performance from peers. However, we expect higher marketing expenses (associated with additional asset growth) and some incremental margin pressure to dampen earnings power in 2012.”

J.P. Morgan is maintaining its Neutral rating on COF.

COF closed at $50.53 last Thursday.