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

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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
Aug 2014Credit SuisseMaintainsNeutral
Jul 2014Morgan StanleyUpgradesEqual-weightUnderweight
Jul 2014BarclaysMaintainsEqual-weight

View More Analyst Ratings for CIT
View the Latest Analyst Ratings

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