Oppenheimer Thinks CIT Group’s Stock is Going to Recover

Oppenheimer analyst Chris Kotowski assigned a Buy rating to CIT Group (CITResearch Report) today and set a price target of $65.00. The company’s shares closed last Tuesday at $18.30, close to its 52-week low of $12.02.

According to TipRanks.com, Kotowski is a 4-star analyst with an average return of 5.4% and a 59.4% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management, Focus Financial Partners, and JPMorgan Chase & Co.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for CIT Group with a $33.33 average price target.

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The company has a one-year high of $51.65 and a one-year low of $12.02. Currently, CIT Group has an average volume of 2.82M.

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CIT Group, Inc. is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Corporate. The Commercial Banking segment consists of four divisions, commercial finance, rail, and real estate finance and business capital. It provides a range of lending, leasing and deposit products, as well as ancillary products and services, including factoring, cash management and advisory services, primarily to small and medium- sized companies, as well as to the rail industry. The Consumer Banking segment includes retail Banking, consumer lending, and SBA lending, which are grouped together for purposes of discussion as other consumer banking and legacy consumer mortgages. The Corporate segment consists of businesses and portfolios that they no longer consider strategic. These portfolios include equipment financing, secured lending and leasing and advisory services to small and middle-market businesses. The company was founded by Henry Ittelson in 1908 and is headquartered in New York, NY.