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UPDATE: Morgan Stanley Upgrades CIT Group On Positive Merger Outlook

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Office of the Comptroller of the Currency Approves CIT Group Inc.'s Purchase of OneWest Bank NA

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

DateFirmActionFromTo
Aug 2015DA DavidsonInitiates Coverage onBuy
Jul 2015BarclaysMaintainsEqual-weight
Jul 2015Stifel NicolausMaintainsBuy

View More Analyst Ratings for CIT
View the Latest Analyst Ratings

Posted-In: Cheryl Pate Morgan StanleyUpgrades Price Target Analyst Ratings

 

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