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Fly News Breaks for April 29, 2016
CIT
Apr 29, 2016 | 12:36 EDT
As previously reported, BofA/Merrill downgraded CIT Group to Underperform from Buy. The firm's analyst said the restructuring to a complex franchise from a simplified bank may be extended until 2018 or longer, due to additional restructuring, a revised strategy, and a management overhaul. BofA/Merrill sees limited earnings visibility and believes sentiment will remain poor until the commercial air exit is complete and execution on the strategic plan shows progress.
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