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Fly News Breaks for January 2, 2019
CFG
Jan 2, 2019 | 06:36 EDT
As noted earlier, RBC Capital analyst Gerard Cassidy upgraded Citizens Financial to Outperform from Sector Perform but lowered his price target to $40 from $45. The analyst attributes the rating change to lower valuation and his expectations that it can continue to improve profitability. He also believes that the selloff in the banks is overdone while anticipating Citizens Financial to buy back about $3B in capital over the next two years. Cassidy further notes that the company's "strong credit quality" will persist through 2019 before higher loan loss provisions emerge in 2020 on the "seasoning of its loan portfolio".
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