Citi Maintains Buy Rating and $51 PT on CIT Group

A report from Citi reiterates its Buy rating and $51 price target on CIT Group (NYSE: CIT).

The report states, “CIT reported Q3 EPS loss of -$0.08, worse than our $0.15 estimate but better than consensus at -$0.24. The miss versus our estimate was driven primarily by costs around debt repayments offset by lower provisions and depreciation on operating leases… Overall credit metrics improved, including a solid performance in corporate finance and vendor finance. Overall, the results were better than expected with signs of improving fundamentals in their core business”.

CIT closed yesterday at $35.83.