CIT Group Inc. (CIT) Maintains Buy Rating
By Benzinga Staff
March 17, 2010 2:43 PM
March 17, 2010 2:43 PM
Symbols: CIT
Analysts Chris Brendler and Matthew Heinz at Stifel Nicolaus have released an update on CIT Group Inc. (NYSE: CIT). The company released its 10k after market close on Tuesday.
According to analysts, there is a lot of new information in the company’s 10K and the financials are greatly complicated due to fresh-start accounting (FSA). Post-FSA, the company’s book value is $42, which is higher-than-expected. Also the company’s cash position is higher-than-expected at $9.8 billion, which includes $6.7 billion in operating cash, $1.7 billion in cash at bank, and $1.4 billion in restricted cash.
Following the release of 10K, analysts at Stifel Nicolaus have reiterated their Buy rating and $46 price target for CIT Group Inc.
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