Compass Point Reiterates a 'Buy' on CIT Group (CIT) Underlying Trends Strong
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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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Compass Point reiterates a 'Buy' on CIT Group (NYSE: CIT) price target of $41.00.
Analyst, Mike Turner, said, "Underlying trends continue to be strong with originations picking up, credit improving and the core net finance margin increasing over 100 bps Q/Q. The company continues to make major strides in reducing their funding costs and we expect they will refinancing/retire the remaining $4.0B 7.0% Series C notes by year-end (absent a fallout in the credit markets). As we look beyond lower funding costs and the deployment of excess capital (FY13?), CIT remains a growth story at its core. Thus, we view the strong origination growth in the quarter as supportive of our thesis."
Raises FY12 EPS from (1.38) to (0.97) and FY13 from $2.70 to $2.85.
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 $35.94 yesterday.
Analyst, Mike Turner, said, "Underlying trends continue to be strong with originations picking up, credit improving and the core net finance margin increasing over 100 bps Q/Q. The company continues to make major strides in reducing their funding costs and we expect they will refinancing/retire the remaining $4.0B 7.0% Series C notes by year-end (absent a fallout in the credit markets). As we look beyond lower funding costs and the deployment of excess capital (FY13?), CIT remains a growth story at its core. Thus, we view the strong origination growth in the quarter as supportive of our thesis."
Raises FY12 EPS from (1.38) to (0.97) and FY13 from $2.70 to $2.85.
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 $35.94 yesterday.
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