Nomura Securities Maintains a 'Neutral' on CIT Group (CIT); First Investor Day Since Bankruptcy
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Price: $44.45 +1.25%
Rating Summary:
6 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
6 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CIT Now!
Nomura Securities maintains a 'Neutral' on CIT Group (NYSE: CIT) price target of $42.00.
Analyst, Bill Carcache, said, "CIT held its first Investor Day since emerging from bankruptcy. The meeting was well attended and included a comprehensive walkthrough of the various business lines and a financial review of the overall company. Although there were few real surprises, we walked away from the meeting feeling good about business momentum and progress to-date in rightsizing the company for profitable growth in the future. That said, we still believe it will be a relatively slow and long grind before CIT proves that it has meaningful long-term earnings power. We maintain our Neutral rating on the stock given that there is still uncertainty as to when the company will earn its cost of capital."
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 $33.82 yesterday, with a 52 week range of $27.68-$44.88.
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Analyst, Bill Carcache, said, "CIT held its first Investor Day since emerging from bankruptcy. The meeting was well attended and included a comprehensive walkthrough of the various business lines and a financial review of the overall company. Although there were few real surprises, we walked away from the meeting feeling good about business momentum and progress to-date in rightsizing the company for profitable growth in the future. That said, we still believe it will be a relatively slow and long grind before CIT proves that it has meaningful long-term earnings power. We maintain our Neutral rating on the stock given that there is still uncertainty as to when the company will earn its cost of capital."
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 $33.82 yesterday, with a 52 week range of $27.68-$44.88.
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