Barclays Adjusts Estimates on CIT Group (CIT); First Investor Day Since '06: Insightful, But Questions Remain
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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, "CIT's first Investor Day since 2006 provided a lot of valuable information on the company's businesses and strategies, while also giving investors a good look at the company's deep management bench. However, it did not answer key questions about the timing of leveraging excess capital (either through M&A, loan growth or buybacks/dividends)."
All in, DeVries does think the risk/reward has improved, and the key questions he had couldn't all be answered considering the uncertainties and elements out of control of the company. DeVries raises FY12 EPS loss from (3.43) to (3.23) and FY13 EPS from $3.95 to $4.13.
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 $33.82 yesterday.
Analyst, Mark C. DeVries, said, "CIT's first Investor Day since 2006 provided a lot of valuable information on the company's businesses and strategies, while also giving investors a good look at the company's deep management bench. However, it did not answer key questions about the timing of leveraging excess capital (either through M&A, loan growth or buybacks/dividends)."
All in, DeVries does think the risk/reward has improved, and the key questions he had couldn't all be answered considering the uncertainties and elements out of control of the company. DeVries raises FY12 EPS loss from (3.43) to (3.23) and FY13 EPS from $3.95 to $4.13.
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 $33.82 yesterday.
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