Barclays Maintains an 'Equalweight' on CIT Group (CIT); Adjusting Estimates on Recent Debt Issuance
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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 maintains an 'Equalweight' on CIT Group (NYSE: CIT) price target of $41.00.
Analyst, Mark C. DeVries, said, "Following CIT's recently announced $2bn debt issuance and corresponding redemption of higher cost debt, we are lowering our 2012 GAAP EPS estimate to a loss of $3.42 (from -2.49) and raising our 2013 GAAP estimate to $3.94 (from $3.27), as we now expect CIT to redeem the full amount of its $4.7bn remaining 7% coupon debt in 2012 (whereas we previously expected debt redemptions and discount accretion to stretch into 1Q13). We are also adjusting our core EPS estimates for 2012-14 to $0.58, $1.93 and $2.39 respectively."
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 $37.84 yesterday.
Analyst, Mark C. DeVries, said, "Following CIT's recently announced $2bn debt issuance and corresponding redemption of higher cost debt, we are lowering our 2012 GAAP EPS estimate to a loss of $3.42 (from -2.49) and raising our 2013 GAAP estimate to $3.94 (from $3.27), as we now expect CIT to redeem the full amount of its $4.7bn remaining 7% coupon debt in 2012 (whereas we previously expected debt redemptions and discount accretion to stretch into 1Q13). We are also adjusting our core EPS estimates for 2012-14 to $0.58, $1.93 and $2.39 respectively."
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 $37.84 yesterday.
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