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UPDATE: Stifel Nicolaus Cuts PT to $46 on CIT Group on Fiscal Uncertainty, Reiterates Buy

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Experts Are Convinced CIT Group Will Rise 95%, But Not Before This Date
Why Are CIT Group Analysts So Concerned?

Stifel Nicolaus reiterated its Buy rating on CIT Group (NYSE: CIT) but reduced its price target from $47 to $46.

Stifel Nicolaus noted, "In our view, CIT shares remain attractive as the current valuation does not appropriately discount for the potential for improving growth and profitability. Although we expect the fiscal uncertainty to weigh on 4Q12 results, we expect CIT to finally receive regulatory relief in 1Q13, clearing the path to more aggressive capital allocation. With improving accounting clarity and improving visibility on tax benefits likely in 2013, we reiterate our Buy rating.Our $46 target price is based on 10x our new 2014 core EPS estimate."

CIT Group closed at $40.14 on Friday.

Latest Ratings for CIT

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

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Posted-In: Stifel NicolausAnalyst Color Price Target Intraday Update Analyst Ratings

 

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