UPDATE: Morgan Stanley Initiates Coverage On Citizens Financial Group

Earlier today, Morgan Stanley analyst, Ken Zerbe initiated coverage of Citizens Financial Group, Inc.

with an Overweight rating and a $27 price target. Zerbe commented, "We think CFG can deliver steady profitability improvement through clearly defined initiatives, reaching a 10 percent ROTCE in 2016." It is the company's potential to improve it ROTCE that is driving Zerbe's Overweight rating. He says there could be "meaningful upside" if Citizen's executes its improvement plans. As drivers of this expected improvement, Zerbe listed: