MBNA Corporation "buy"

09/12/03 - Legg Mason

NEW YORK, September 12 (New Ratings) – Analysts at Legg Mason Wood Walker reiterate their "buy" rating on MBNA Corporation (KRB).

In a research note published this morning, the analysts mention that the company is scheduled to report its August quarter results in the next couple of days. MBNA Corporation is expected to report a 5.10% decline in its loss rate as compared to the last quarter, the analysts add. The mail volumes in 2Q03 had declined by 17% y/y on account of lower competition from Citibank and Bank One, Legg Mason reports. The company’s growth trends are likely to improve considerably for the remainder of this year, the analysts says.