UPDATE: Stifel Downgrades CIT Group (CIT) to Hold
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(Updated - October 7, 2016 9:48 AM EDT)
Stifel downgraded CIT Group (NYSE: CIT) from Buy to Hold with a price target of $41.00 (from $40.00). Analyst Christopher C. Brendler said additional upside could be challenging.
"In our view, CIT deserves credit for negotiating both an attractively priced sale of its aircraft leasing business and larger than expected capital return. On both fronts, CIT exceeded even our most optimistic scenarios and we expect the stock to react favorably today. However, we also think this is perfect time to step aside as additional upside may prove challenging. While the aircraft does clear the path to a sale to a bank, we are skeptical of the remaining franchise and the buyback will take time. Combined with material macro credit risk, we are lowering our rating to Hold yet raising our target price to $41 from $40," said the analyst.
Shares of CIT Group closed at $36.40 yesterday.
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