Jefferies Maintains a 'Hold' on CIT Group (CIT); Continues Making Progress

Jefferies maintains a 'Hold' on CIT Group (NYSE: CIT) price target raised from $34 to $38.

Jefferies analyst says, "CIT reported 4Q11 EPS of $0.17, $0.12 ahead of the Street and $0.11 ahead of JEF. Net finance revenue of $96.4MM was in line with our estimate of $95.5MM and reported tangible book value per share of $44.32 was $0.12 lower than our forecast of $44.44. Full year 2011 reported EPS of $0.14 was $0.08 ahead of our estimate."

"Based on 4Q11 performance, we are adjusting our EPS estimates to incorporate faster than previously anticipated improvement in CIT's funding base. As such, we increased NTM deposit growth to 31% from 28% and increased the rate of decline on NTM long-term borrowings by 8%." (FY11 EPS estimate from $0.06 to $0.17 and FY12 from $0.41 to $0.46)

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 $38.14 yesterday.

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