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To: Nemer who wrote (47934)4/30/2003 9:59:12 AM
From: Larry S.  Read Replies (2) | Respond to of 53068
 
7:03AM Capital One upped to Overweight at JP Morgan (COF) 40.10: The upgrade from Neutral is a based on
what firm sees as 1) stable-to-improving credit quality trends, 2) recent bottoming of consumer confidence
indicators following Iraq war, 3) heightened potential for industry consolidation. Also notes that charge-offs appear
to have turned the qtr. Should COF be interested in selling, firm believes co offers industry players a number of
attractive attributes; firm believes a handful of large banks (foreign and domestic) would be very interested in the
franchise.