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BTIG Research Reiterates Buy Rating, $45 PT on CIT Group

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In a report published Wednesday, BTIG Research reiterated its Buy rating and $45.00 price target on CIT Group (NYSE: CIT).

BTIG Research noted, “While CIT Group absorbed most of the impact of the makeover of its balance sheet during the past three quarters, it had a bit more tidying up to do. The company this morning announced three deals – the redemption of two student-loan asset backed securities (ABS) totaling almost $1bn as well as the redemption of $18mm in pre-reorganization senior notes – that in aggregate are expected to increase its 4Q12 interest expense by up to $85mm while increasing other income by up to $35mm.”

CIT Group closed on Tuesday at $36.80.

Latest Ratings for CIT

DateFirmActionFromTo
May 2016NomuraMaintainsNeutral
Apr 2016Bank of AmericaDowngradesBuyUnderperform
Mar 2016Sterne Agee CRTDowngradesBuyNeutral

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