UPDATE: Morgan Stanley Upgrades CIT Group On Positive Merger Outlook
In a report released Monday, Morgan Stanley analyst Cheryl Pate upgraded CIT Group (NYSE: CIT) from Equal-Weight to Overweight and raised its price target from $46 to $57.
Analysts at Morgan Stanley favor CIT Group's announcement to acquire One West and believes shares have not fully priced in the possibility of improved funding structure and standardized capital base along with the merger.
CIT Group's $57 price target comes from an estimate 2016 EPS multiple of 13.1x.
Latest Ratings for CIT
|Nov 2016||BMO Capital||Downgrades||Market Perform||Underperform|
|Nov 2016||Stephens & Co.||Initiates Coverage On||Equal-Weight|
|Oct 2016||Bank of America||Upgrades||Underperform||Neutral|
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