Rafferty Capital raised its price target on Citizens Financial Group (NYSE: CFG) to $40.00 (from $36.00) while maintaining a Buy rating following the company's first quarter earnings report.

Analyst Dick Bove notes the company reported 2017 first quarter earnings per share of $0.61, above estimates driven by growth in commercial loans, up 2%, a reduction in net charge-offs and increase in net interest income. A decline in mortgage fees points tepid revenue, forcing the bank to remain strong on cost drivers.