UPDATE: Credit Suisse Reiterates On CIT Group On OneWest Margin Pressure

In a report published Thursday, Credit Suisse analyst Moshe Orenbuch reiterated a Neutral rating on

, but lowered the price target from $50.00 to $48.00. In the report, Credit Suisse noted, “Two-thirds of OneWest's loans in 2013 were higher-yielding legacy loans. As these rundown margins will be impacted by 50bps, we decrease our estimates to account for lower expected income from OneWest, lower our TP from $50 to $48, and maintain our Neutral rating.” CIT Group closed on Wednesday at $48.41.