Zacks Upgrades CIT Group to “Outperform” (CIT)
CIT Group (NYSE:CIT) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Monday, Analyst Ratings News reports. The firm currently has a $56.00 price target on the stock. Zacks‘ target price points to a potential upside of 11.55% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our long-term recommendation on CIT Group to Outperform based on its meaningful capital deployment activities. Further, the company’s third-quarter 2013 earnings outpaced the Zacks Consensus Estimate and compared favorably with the year-ago loss. Results benefited from top-line growth and lower-than-expected operating expenses. Additionally, credit quality was a mixed bag, while capital ratios remained strong. We expect the company’s liability restructuring initiatives and access to low-cost debts to support growth. However, sluggish growth in the industries where CIT Group provides finance, stringent regulations, and a weak economic recovery could dent the company’s growth prospects.”
Shares of CIT Group (NYSE:CIT) traded down 2.52% during mid-day trading on Monday, hitting $50.20. The stock had a trading volume of 956,662 shares. CIT Group has a one year low of $39.46 and a one year high of $52.72. The stock has a 50-day moving average of $50.73 and a 200-day moving average of $49.42. The company has a market cap of $10.048 billion and a P/E ratio of 13.81.
A number of other firms have also recently commented on CIT. Analysts at Sterne Agee reiterated a “buy” rating on shares of CIT Group in a research note to investors on Monday, November 4th. They now have a $60.00 price target on the stock. Separately, analysts at Janney Montgomery Scott cut their price target on shares of CIT Group from $58.00 to $55.00 in a research note to investors on Monday, November 4th. They now have a “buy” rating on the stock. Finally, analysts at Janney Montgomery Scott reiterated a “buy” rating on shares of CIT Group in a research note to investors on Wednesday, October 23rd. They now have a $58.00 price target on the stock. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. CIT Group has a consensus rating of “Buy” and an average price target of $53.30.
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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