Capital One Financial (NYSE:COF) Has Lots of Upside Says Barclays

Capital One Financial (NYSE:COF) performed in their last quarter like Barclays believed they should, confirming their estimates which were far above consensus.

Barclays says, "COF May Be the Cheapest Stock in our Universe: COF reported 4Q10 results that made us feel much better about our well-above consensus view that normalized EPS should be at least $6, which we believe will become clearer to investors within the next year as credit costs fully normalize. Still trading at less than 8x that number and -7x our new 2012 estimate of $6.70/shr, we believe the shares still have considerable upside and reiterate our rating."

Barclays maintains an 'Overweight' on Capital One Financial (COF), which closed Friday at $49.17, gaining $1.92, or 4.06 percent. Barclays has a price target of $55 on Capital One.