Nomura Securities Maintains a 'Neutral' on CIT Group (CIT); Raising Numbers on Q4 Results
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Price: $53.50 --0%
Rating Summary:
12 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
Rating Summary:
12 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
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Nomura Securities maintains a 'Neutral' on CIT Group (NYSE: CIT) price target raised $2 to $38.
Analyst, Bill Carcache, said, "During Q4, a substantial majority of the ~30bps economic margin expansion (ex non-recurring items) was driven by lower debt costs. CIT redeemed or repurchased $860 million of 7.0% Series A debt in the quarter, and is in the process of repaying $2.5 billion in 1Q12. The company also plans to pay the remaining $4 billion of Series A debt over the course of 2012. Overall asset growth continues to turn the corner, as the company works off the headwinds associated with asset sales and the portfolio runoff from its student loan book. We’re raising our estimates to reflect faster than previously expected repayment of high cost debt. Our estimate for 2012 goes to $1.85 (from $1.67) and 2013 goes to $2.00 (from $1.89)."
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.
Analyst, Bill Carcache, said, "During Q4, a substantial majority of the ~30bps economic margin expansion (ex non-recurring items) was driven by lower debt costs. CIT redeemed or repurchased $860 million of 7.0% Series A debt in the quarter, and is in the process of repaying $2.5 billion in 1Q12. The company also plans to pay the remaining $4 billion of Series A debt over the course of 2012. Overall asset growth continues to turn the corner, as the company works off the headwinds associated with asset sales and the portfolio runoff from its student loan book. We’re raising our estimates to reflect faster than previously expected repayment of high cost debt. Our estimate for 2012 goes to $1.85 (from $1.67) and 2013 goes to $2.00 (from $1.89)."
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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