Oppenheimer Issues a Buy Rating on CIT Group (CIT)

In a report released today, Chris Kotowski from Oppenheimer assigned a Buy rating to CIT Group (CIT), with a price target of $61. The company’s shares opened today at $45.30.

Kotowski observed:

“CIT reported 4Q18 EPS of $0.78 versus our estimate of $0.69 and consensus’ $0.89. Excluding noteworthy items, continuing-operations EPS was $1.21, handily beating our $1.09 estimate. The beat was primarily driven by lower loan loss provisions and lower tax rate than we had modeled. Unlike the CIT of several years ago which typically reported numerous complicated noteworthy items during earnings, the CIT of today gradually becomes a more simple, more focused and more steady story. the company delivered a number of key performance targets including core operating expense, capital ratio and most importantly double digits ROTCE. CIT also guided to an 11% adjusted ROTCE in 4Q19 which we believe should justify a ~1x tangible book value of $51.15 in the near term.”

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 9.4% and a 60.1% success rate. Kotowski covers the Financial sector, focusing on stocks such as Eagle Point Credit Company Inc, Great Elm Capital Corporation, and Fidus Investment Corporation.

CIT Group has an analyst consensus of Moderate Buy, with a price target consensus of $50.

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The company has a one-year high of $56.14 and a one-year low of $35.50. Currently, CIT Group has an average volume of 1.14M.

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CIT Group, Inc. is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Non-Strategic Portfolios. The Commercial Banking segment consists of four divisions, commercial finance, rail, real estate finance and business capital.

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