UPDATE: Nomura Securities Downgrades CIT Group (CIT) to Neutral
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Price: $47.56 +1.95%
Rating Summary:
7 Buy, 11 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
7 Buy, 11 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade CIT Now!
(Updated - February 5, 2013 8:16 AM EST)
Nomura Securities downgraded CIT Group (NYSE: CIT) from Buy to Neutral with a $45 price target.
Analyst, Bill Carcache comments: "We are downgrading CIT to Neutral (from Buy) following a strong run-up in CIT shares over the past 2+ months (shares have appreciated +16% since mid-November compared to S&P 500 performance of +11% during the same period). We now view the risks vs. rewards of owning CIT shares as more in balance. Our downgrade is driven by: 1) Step change in economic margins now reflected in estimates; 1H13 economic outlook is murky at best; 3) Opex expectations have moved more in line with our estimates. We will be looking for a 2H13 pickup in macroeconomic activity and/or a pullback in shares before once again becoming more constructive. We are leaving our estimates and $45PT unchanged at this time."
FY12A EPS at ($2.96); FY13E EPS from $3.66 to $3.71.
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 $42.07 yesterday, with a 52 week range of $32.29-$43.90.
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Nomura Securities downgraded CIT Group (NYSE: CIT) from Buy to Neutral with a $45 price target.
Analyst, Bill Carcache comments: "We are downgrading CIT to Neutral (from Buy) following a strong run-up in CIT shares over the past 2+ months (shares have appreciated +16% since mid-November compared to S&P 500 performance of +11% during the same period). We now view the risks vs. rewards of owning CIT shares as more in balance. Our downgrade is driven by: 1) Step change in economic margins now reflected in estimates; 1H13 economic outlook is murky at best; 3) Opex expectations have moved more in line with our estimates. We will be looking for a 2H13 pickup in macroeconomic activity and/or a pullback in shares before once again becoming more constructive. We are leaving our estimates and $45PT unchanged at this time."
FY12A EPS at ($2.96); FY13E EPS from $3.66 to $3.71.
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 $42.07 yesterday, with a 52 week range of $32.29-$43.90.
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