Capital One losses tracking above estimates for card and auto, says TD Cowen

TD Cowen analyst Moshe Orenbuch provided thoughts on Capital One’s monthly managed data, telling investors that losses are tracking “significantly above estimate” for both card and auto, while growth is tracking above for card and below for auto. Taken together, this indicates faster-than-expected card seasoning at Capital One, though it is positive that delinquency has continued to show stabilization relative to seasonality, says the analyst, who maintains a Market Perform rating and $108 price target on Capital One shares.