Fly News Breaks for December 16, 2019
Dec 16, 2019 | 07:08 EDT
Citi analyst Keith Horowitz upgraded Citizens Financial to Neutral from Sell with a price target of $41, up from $32. The analyst refined his valuation framework for the U.S. banks and his "base case" is now mid-single returns with 2% upside to consensus estimates. He's "playing for 'singles' and would not recommend reducing positions."
News For CFG From the Last 2 Days
Jan 21, 2021 | 08:19 EST
Wedbush analyst Peter Winter raised the firm's price target on Citizens Financial to $49 from $44 and keeps an Outperform rating on the shares following quarterly results. After 6 consecutive years of solid positive operating leverage, the analyst is forecasting it will decline 4.5% in 2021. Mortgage banking had a record year, acting as a great hedge to lower rates, which won't be replicated, but rest of the fee income business should grow in 2021, he contends.
Jan 21, 2021 | 07:37 EST
Argus analyst Kevin Heal raised the firm's price target on Citizens Financial to $47 from $34 and keeps a Buy rating on the shares. The analyst is citing the company's Q4 earnings beat that was driven by the "substantial" decrease in provision for credit losses. Heal adds that he expects continued strong results in Citizens Financial's core businesses during the pandemic, boosting his FY21 EPS view by 52c to $3.92.
Jan 20, 2021 | 06:21 EST
"Citizens was able to meet the unique challenges present in 2020 and demonstrate the diversification and resilience of our business model," said Chairman and CEO Bruce Van Saun. "Fourth quarter results highlight strong return on capital as credit costs normalize. Our capital and credit allowance position remains strong, giving us confidence that we can meet loan demand while also increasing return of capital to our shareholders. I'd like to thank our colleague base for rising to the occasion in 2020 and delivering well for our customers and stakeholders. We feel we are well positioned to benefit from economic recovery in 2021."