Piper Jaffray analyst Kevin Barker upgraded Capital One Financial Corp. to "overweight" from "neutral" given the bank's credit profile improvement, according to a June 13 report.

He wrote that strong credit performance lessened the expected negative impact of the bank's "growth math" strategy that aggressively added new credits and allowed them to season, as evidenced by the slowing year-over-year growth in credit card net charge-offs and delinquencies. He added that the bank's 2018 outlook seems positive against the backdrop of a supportive macro environment.

Barker also increased his full-year 2018 earnings-per-share estimate to $10.11 from $10.06 and full-year 2019 estimate to $11.34 from $10.59.