Jefferies Says CIT (CIT) Q1 Was Solid Despite Net Loss, PT Goes Higher
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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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Jefferies bumped its price target on CIT Group (NYSE: CIT) from $38 to $40 after Q1 results, but maintained their Hold rating.
The firm comments, "CIT reported a net loss of -$2.22 for 1Q12, below the Street estimate of -$1.76. Interest income of $412M was below our estimate of $525M and rental income of $439M was in-line with our estimate of $450M. Most of the miss was generated by one-time debt refinancing charges of $620M. Tangible book value declined 5% Q/Q to $40.20."
Q2 EPS goes from down $0.43 to ($0.05), FY12 down from $1.22 to ($1.25) and FY13 goes up from $1.80 to $3.14.
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 $38.74 yesterday.
The firm comments, "CIT reported a net loss of -$2.22 for 1Q12, below the Street estimate of -$1.76. Interest income of $412M was below our estimate of $525M and rental income of $439M was in-line with our estimate of $450M. Most of the miss was generated by one-time debt refinancing charges of $620M. Tangible book value declined 5% Q/Q to $40.20."
Q2 EPS goes from down $0.43 to ($0.05), FY12 down from $1.22 to ($1.25) and FY13 goes up from $1.80 to $3.14.
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 $38.74 yesterday.
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