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Compass Point upgrades 3 in anticipation of tax reform

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Compass Point upgrades 3 in anticipation of tax reform


* Piper Jaffray analyst Kevin Barker upgraded his stock rating on Capital One Financial Corp., in light of November credit card trust data.

The recorded slowdown in net charge-off and delinquency rates counters the previously projected faster-than-peer acceleration in card losses. Now, charge-off rates might actually plateau in "the near-to-mid term," Barker wrote, if tax reform adds a helping hand.

The McLean, Va.-based company's rating is "neutral," with a price target of $95. It was previously "underweight" and $86.

* And, ahead of potential tax reform, Compass Point's Laurie Havener Hunsicker raised the ratings on Washington Trust Bancorp Inc., Bank of Hawaii Corp. and Independent Bank Corp.

All were upgraded to "buy" from "neutral." Modeling a corporate tax rate of 21% instead of 25%, the analyst also raised the companies' price targets.

Westerly, R.I.-based Washington Trust's target was increased by $5 to $65. Tax reform is projected to cause a deferred tax asset impairment of $6.7 million, or a 39-cent hit to tangible book.

Honolulu-based Bank of Hawaii's price target was raised to $93 from $87. It could record a DTA recovery of $6.0 million, according to the analyst, or a 14 cents-per-share addition to tangible book.

And Rockland, Mass.-based Independent's target was raised by $5 to $80. Tax reform could mean a $6.2 million DTA impairment, or a hit to tangible book of 23 cents.