UPDATE: Nomura Raises PT on CIT Group Following Solid 2Q13 Results

In a report published Wednesday, Nomura analyst Bill Carcache reiterated a Neutral rating on CIT Group CIT, and raised the price target from $43.00 to $49.00.

In the report, Nomura noted, “Excluding the beneficial impact of discrete tax and provision items ($0.10 and ~$0.07, respectively) and a $0.05 reserve release, we estimate that 'core' EPS came in at ~$1.03 vs. our estimate of $0.88 (excluding $0.01 of reserve releases). CIT delivered a solid 2Q13 across all fronts. CIT is enjoying strong asset growth, particularly given the still-challenging economic environment. We're raising our 2013/14 EPS estimates to reflect this quarter's beat and our revised outlook for asset growth, economic margins, and operating expenses. Our revised $49 PT is based on 11.3x our 2014 EPS estimate.”

CIT Group closed on Tuesday at $50.11.