Wedbush Raises Price Target on Citizens Financial Group (CFG) Following 3Q EPS Beat

October 24, 2016 7:50 AM EDT
Get Alerts CFG Hot Sheet
Price: $34.73 -0.74%

Rating Summary:
    11 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Wedbush reiterated an Outperform rating on Citizens Financial Group (NYSE: CFG), and raised the price target to $30.00 (from $29.00), following the company's 3Q earnings report. Core EPS of $0.52 beat the consensus estimate of $0.48. The beat was driven by a higher net interest income growth and a lower tax rate. Wedbush expects these trends to continue and if forecasting above-average EPS growth in 2017 and 2018 at 12% and 11%, respectively.

Analyst Peter Winter commented, "CFG reported EPS of 0.56, which included a net $0.04 gain from several non-recurring items. Core EPS of $0.52 beat our EPS estimate of $0.49 and consensus of $0.48. The $0.03 beat relative to our estimate was driven by higher net interest income growth and a lower tax rate of 30.7% vs. our forecast of 32.2%. Although the tax rate was lower than expected there are initiatives underway to permanently lower it, so we don’t view this as non-recurring."

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 $25.97 yesterday.

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