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UPDATE: Morgan Stanley Upgrades CIT Group On Positive Merger Outlook

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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
Mar 2017Morgan StanleyInitiates Coverage OnEqual-Weight
Nov 2016BMO CapitalDowngradesMarket PerformUnderperform
Nov 2016Stephens & Co.Initiates Coverage OnEqual-Weight

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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