Compass Point Lowers CIT Rating To Neutral, Maintains $46 PT

Compass Point LLC lowered its CIT Group CIT rating from Buy to Neutral and maintained its CIT $46 price target in a research report published today. In the report, Compass Point LLC states, "We continue to believe the long-term risk/reward in owning the stock is favorable; however, we see limited upside in the more intermediate term. Catalysts that have propelled the stock to the current level are now diminishing (repayment of high cost debt, issuance of new lower cost notes and lifting of the cease and desist), and we do not expect a sale of the company in 2011." Shares of CIT were trading at $42.01 at the time of posting, down 1.32% from Monday's market close.