Nomura Securities Maintains a 'Neutral' on CIT Group (CIT); Revising Estimates After Q2 Report
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Price: $53.50 --0%
Rating Summary:
12 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on CIT Group (NYSE: CIT) price target of $39.00 (from $42.00)
Analyst, Bill Carcache, said, "CIT reported 2Q12 GAAP EPS of a $0.35 loss per share versus our estimate of a $0.32 loss and consensus of a $0.56 loss. Overall, better than- expected economic margins and credit were more than offset by lower-than-expected other income and higher-than-expected operating expenses. We are lowering our 2012 GAAP EPS estimate to reflect faster than previously expected debt redemption and the corresponding acceleration in FSA discount. We are raising our 2013 GAAP EPS estimate to reflect higher economic margins associated with faster retirement of high-cost debt. We are maintaining our Neutral rating on CIT shares. Although positive business drivers are gradually emerging, we expect the shares to continue to trade near tangible book in the current macro environment."
3Q12E EPS from $0.02 to -$0.44; 4Q12E EPS from $0.20 to -$0.41; F12E EPS from -$2.61 to -$3.43; 1Q13E EPS from $0.82 to $0.25; 2Q13E EPS from $0.84 to $0.79; 3Q13E EPS from $0.84 to $0.97; 4Q13E EPS from $0.86 to $1.00; F13E EPS from $3.29 to $3.01.
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, Bill Carcache, said, "CIT reported 2Q12 GAAP EPS of a $0.35 loss per share versus our estimate of a $0.32 loss and consensus of a $0.56 loss. Overall, better than- expected economic margins and credit were more than offset by lower-than-expected other income and higher-than-expected operating expenses. We are lowering our 2012 GAAP EPS estimate to reflect faster than previously expected debt redemption and the corresponding acceleration in FSA discount. We are raising our 2013 GAAP EPS estimate to reflect higher economic margins associated with faster retirement of high-cost debt. We are maintaining our Neutral rating on CIT shares. Although positive business drivers are gradually emerging, we expect the shares to continue to trade near tangible book in the current macro environment."
3Q12E EPS from $0.02 to -$0.44; 4Q12E EPS from $0.20 to -$0.41; F12E EPS from -$2.61 to -$3.43; 1Q13E EPS from $0.82 to $0.25; 2Q13E EPS from $0.84 to $0.79; 3Q13E EPS from $0.84 to $0.97; 4Q13E EPS from $0.86 to $1.00; F13E EPS from $3.29 to $3.01.
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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