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
|Aug 2014||Credit Suisse||Maintains||Neutral|
|Jul 2014||Morgan Stanley||Upgrades||Equal-weight||Underweight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.