Barclays Reiterates an 'Equalweight' on CIT Group (CIT); Earnings Picture Looks More Clear

April 23, 2012 5:22 PM EDT
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Price: $42.45 +1.02%

Rating Summary:
    12 Buy, 15 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 23
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Barclays reiterates an 'Equalweight' on CIT Group (NYSE: CIT) price target raised $1 to $41.

Analyst, Mark C. Devries, said, "As CIT has aggressively paid down high-cost debt and grown its business volume over the past two years, its path to normalized earnings has become clearer. However, among the company's earnings levers, we believe the "low hanging fruit" (i.e. debt redemptions) has mostly been picked, leaving us with a core EPS run-rate below $3.00 after its high-cost debt has been refinanced and/or redeemed."

Barclays lowers FY12 EPS estimate from $0.03 to -0.85, but raises FY13 from $2.37 to $3.28.

Sees Q1 Core EPS (ex-fresh start accounting) of $0.18; new business volume: $2.2 bln

For an analyst ratings summary and ratings history on CIT Group click here. For more ratings news on CIT Group click here.

Shares of CIT Group closed at $39.85 yesterday.

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