Boenning & Scattergood Upgrades CIT Group (CIT) to 'Outperform' Based on Continuing Progress Combined With Compelling Valuation

Boenning & Scattergood upgraded CIT Group (NYSE: CIT) to Outperform. Initiates $47 price target

Boenning analyst says, "We anticipate GAAP losses through 2012; however, we estimate tangible book value will not decline below ~$41.75. As such, the shares are currently trading below this projected tangible book value and considerably below where peer multiples imply the stock should trade. As such we recommend investors with a long time horizon to buy the shares at current levels. Our target price is based on a blended peer multiple to tangible book value (using the aforementioned adjusted tangible book value)."

For more ratings news on CIT Group click here and for the rating history of CIT Group click here.

Shares of CIT Group closed at $39.03 yesterday.

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