Sterne Agee Reiterates Buy Rating On CIT Group
According to Sterne Agee, CIT Group (NYSE: CIT) Buy rating is reiterated.
Sterne Agee said that it is altering the format of our earnings estimates to reflect expected cost related to reduction in the company 7.00% notes (As & Cs). “We have always factored this into our book value estimates, but are now including it in our published GAAP estimates. Given this change, we are reducing the 2011 EPS estimate from $1.45 to $0.35, reducing the 2012 EPS estimate from $3.90 to $1.45, and initiating a 2013 EPS estimate of $2.95. Our ‘earnings potential estimate (fully optimized funding structure) remains at $5.00 per share. We are reiterating our BUY rating and $50 price target.”
CIT Group closed yesterday at $42.80.
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