Evercore Partners Upgrading CIT Group

Evercore Partners is out with a research report on CIT (NYSE: CIT) and is upgrading shares to Overweight and it has a $45 price target on shares.

In a note to clients, Evercore Partners writes, "We believe CIT is successfully executing on its balance sheet restructuring and shedding higher cost liabilities at a faster pace than we had previously expected. We also see a renewed focus on the fundamental performance of CIT's core businesses as a positive sign of a return to more normal operations. In our judgment, solid execution and cheap valuation provide an attractive entry point for investors."

Shares of CIT closed at $32.76 on Friday.