UPDATE: Credit Suisse Reiterates On CIT Group On OneWest Margin Pressure
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
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Apr 2021 | Keefe, Bruyette & Woods | Upgrades | Market Perform | Outperform |
| Jan 2021 | Wells Fargo | Maintains | Equal-Weight | |
| Nov 2020 | BMO Capital | Downgrades | Outperform | Market Perform |
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Posted-In: Credit Suisse Moshe OrenbuchAnalyst Color Price Target Analyst Ratings
