COF charge-off rates are growing slower than rivals like AXP, even though COF and AXP target two different spectrums of the market - which shows COF's strong business model.
COF virtually bought the entire Chevy Chase bank in cash ($400M+), and its book value today is $26bn with market cap less than $4bn;
COF is getting pounded due to negative sentiments, but even if charge-off rates double (which is almost impossible, as charge-offs will stablize as unemployment rate hits a peak at 10-12% at max), the bank's market value should be more than it is today.
Look for COF to cross $15 very quickly, and $25+ in 1-yr.