BofA/Merrill analyst Derek Hewett upgraded CIT Group to Buy from Neutral and raised its price target to $54 from $44 saying its transition to a domestic mid-sized bank from a sub-scale global financial is nearly complete. The analyst believes CIT's improving earnings visibility and profitability are underappreciated and expects shares to lift as the market begins to value CIT more like a national middle-market bank. Hewett also believes management may explore other strategic alternatives given the more favorable operating backdrop and less complex structure.