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UPDATE: Credit Suisse Reiterates On CIT Group On OneWest Margin Pressure

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In a report published Thursday, Credit Suisse analyst Moshe Orenbuch reiterated a Neutral rating on CIT Group (NYSE: CIT), but lowered the price target from $50.00 to $48.00.

In the report, Credit Suisse noted, “Two-thirds of OneWest's loans in 2013 were higher-yielding legacy loans. As these rundown margins will be impacted by 50bps, we decrease our estimates to account for lower expected income from OneWest, lower our TP from $50 to $48, and maintain our Neutral rating.”

CIT Group closed on Wednesday at $48.41.

Latest Ratings for CIT

DateFirmActionFromTo
Nov 2020BMO CapitalDowngradesOutperformMarket Perform
Aug 2020Morgan StanleyMaintainsEqual-Weight
Jul 2020CitigroupMaintainsBuy

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