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Fly News Breaks for April 25, 2018
CIT
Apr 25, 2018 | 09:14 EDT
BMO Capital analyst James Fotheringham lowered his price target on CIT Group to $46 and kept his Market Perform rating after the company's Q1 credit-driven earnings miss. The analyst notes the company's valuation of 12.3-times the two-year forward EPS makes it the most expensive stock among its peers of large-cap banks and specialty finance firms - a premium that he believes cannot be justified considering the headwinds to CIT's loan growth, margins, and credit quality.
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