Barclays Reiterates an 'Equalweight' on CIT Group (CIT); 3Q11 Preview
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Price: $53.50 --0%
Rating Summary:
12 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
12 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays reiterates an 'Equalweight' on CIT Group (NYSE: CIT) price target of $40.00.
Barclays analyst says, "When CIT reports 3Q11 results on October 25, we expect a GAAP loss of $0.66 compared to consensus of a $0.12 loss. On a pre-FSA basis, we estimate a loss of $0.09. During the quarter, CIT made significant progress with its balance sheet restructuring by paying down its remaining $3B of first lien debt and $1.4B of Series A debt, in addition to closing a new lower-cost revolving credit facility. The company also began to transition its Vendor Finance originations into CIT Bank, which should boost margin longer-term. However, we continue to believe the company has a multi-year path to achieving normalized earnings as it pays down high cost debt and also grows into its capital base."
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 $32.86 yesterday.
Barclays analyst says, "When CIT reports 3Q11 results on October 25, we expect a GAAP loss of $0.66 compared to consensus of a $0.12 loss. On a pre-FSA basis, we estimate a loss of $0.09. During the quarter, CIT made significant progress with its balance sheet restructuring by paying down its remaining $3B of first lien debt and $1.4B of Series A debt, in addition to closing a new lower-cost revolving credit facility. The company also began to transition its Vendor Finance originations into CIT Bank, which should boost margin longer-term. However, we continue to believe the company has a multi-year path to achieving normalized earnings as it pays down high cost debt and also grows into its capital base."
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 $32.86 yesterday.
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