John Hecht has given his Buy rating due to a combination of factors that suggest a positive outlook for Capital One Financial. One of the primary considerations is the potential strategic move to sell the subprime portion of the Discover Financial Services (DFS) portfolio. This sale could alleviate regulatory concerns regarding the concentration of subprime credit card exposure, which is currently a significant focus for regulators. Additionally, the scenario analysis conducted by Hecht indicates that the sale of the DFS subprime portfolio would have a modest impact on earnings per share (EPS) but would still result in an accretive deal. The reduction in reserve rates and operational expenses, along with maintaining a substantial share of the subprime market, supports the financial health and strategic positioning of Capital One Financial. These factors combined lead to a favorable outlook, justifying the Buy rating.