Wedbush Raises Price Target on Citizens Financial Group (CFG) Following 3Q EPS Beat
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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."
Shares of Citizens Financial Group closed at $25.97 yesterday.
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