UPDATE: Oppenheimer Starts CIT Group (CIT) at Perform; Peppered Landscape
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Price: $44.29 -0.81%
Rating Summary:
6 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Rating Summary:
6 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 16 | New: 13
Trade CIT Now!
(Updated - September 6, 2012 10:34 AM EDT)
Oppenheimer initiates coverage on CIT Group (NYSE: CIT) with a Perform.
Analyst, Chris Kotowski, said, "The landscape is littered with cheap financial stocks, and many investors might dismiss CIT as just one more, but we view it as an intriguing situation to watch for a good entry point. New coverage and rated Perform, CIT has what many banks lack—a strong loan origination machine —but lags in what most banks have in abundance—a strong core deposit base. Thus, it's a case where building it, buying it or selling it can add a lot of value. In addition, the company has excess capital to the tune of $2.5B (or $12.50 per share) and a $4B NOL that we would value at around $3 per share, putting the total value of the company at perhaps $45-$51 by 2014. However, it will take some patience."
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 $38.15 yesterday, with a 52 week range of $27.68-$43.35.
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Oppenheimer initiates coverage on CIT Group (NYSE: CIT) with a Perform.
Analyst, Chris Kotowski, said, "The landscape is littered with cheap financial stocks, and many investors might dismiss CIT as just one more, but we view it as an intriguing situation to watch for a good entry point. New coverage and rated Perform, CIT has what many banks lack—a strong loan origination machine —but lags in what most banks have in abundance—a strong core deposit base. Thus, it's a case where building it, buying it or selling it can add a lot of value. In addition, the company has excess capital to the tune of $2.5B (or $12.50 per share) and a $4B NOL that we would value at around $3 per share, putting the total value of the company at perhaps $45-$51 by 2014. However, it will take some patience."
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 $38.15 yesterday, with a 52 week range of $27.68-$43.35.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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