UPDATE: Oppenheimer Downgrades Citizens Financial Group (CFG) to Perform

November 15, 2016 7:12 AM EST
Get Alerts CFG Hot Sheet
Price: $34.12 -5.98%

Rating Summary:
    11 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 10
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(Updated - November 15, 2016 9:35 AM EST)

Oppenheimer downgraded Citizens Financial Group (NYSE: CFG) from Outperform to Perform and removed its price target (prior $27.00). Analyst Ben Chittenden sees limited upside from current levels.

"We still think it's one of the best positioned to show more ROTCE improvement vs peers but believe that has rapidly been priced into the stock over the past week. While the stock could certainly run more, one has to push the model to a guaranteed 10%+ return by 2018 (~$2.80 EPS) and a peak EPS multiple (85% P/E relative to financials x 100% banks P/E relative to financials) to get really excited from here. There are also realistic EPS/multiple scenarios that aren't as exciting and provide limited upside from here. If we are in an entirely new environment, there will be another good opportunity to buy CFG, but for now we think it's prudent to lock in some gains," said the analyst.

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

Shares of Citizens Financial Group closed at $30.88 yesterday.

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