CIT Group Upgraded to Buy at Jefferies Group (CIT)
CIT Group (NYSE:CIT) was upgraded by investment analysts at Jefferies Group from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports.
CIT has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of CIT Group (NYSE:CIT) in a research note to investors on Friday, September 6th. They now have a $52.00 price target on the stock. Separately, analysts at TheStreet upgraded shares of CIT Group (NYSE:CIT) to a “hold” rating in a research note to investors on Thursday, July 25th. Finally, analysts at Janney Montgomery Scott raised their price target on shares of CIT Group (NYSE:CIT) from $49.00 to $52.00 in a research note to investors on Wednesday, July 24th. They now have a “neutral” rating on the stock.
Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $50.73.
CIT Group (NYSE:CIT) opened at 46.84 on Tuesday. CIT Group has a 52-week low of $36.02 and a 52-week high of $51.52. The stock has a 50-day moving average of $49.09 and a 200-day moving average of $46.29. The company has a market cap of $9.418 billion and a price-to-earnings ratio of 37.29.
CIT Group (NYSE:CIT) last announced its earnings results on Tuesday, July 23rd. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.90 by $0.01. The company had revenue of $351.60 million for the quarter, compared to the consensus estimate of $83.47 million. During the same quarter last year, the company posted ($0.35) earnings per share. CIT Group’s revenue was down 14.1% compared to the same quarter last year. On average, analysts predict that CIT Group will post $3.65 earnings per share for the current fiscal year.
CIT Group Inc is a bank holding company (NYSE:CIT) together with its owned subsidiaries (CIT), provides primarily commercial financing and leasing products and other services to small and middle market businesses across a range of industries.
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