Citi On CIT Q1 Outlook

Citi has issued a report on the Q1 early outlook for CIT Group CIT. According to the report, "— CIT reported Q1 EPS of $0.33, 18c better than our estimate and 17c higher than consensus. The beat versus our estimate was driven by higher gains on sale, better lease income, lower loan loss provision and slightly better expenses, partially offset by a higher-than-projected tax rate." CIT is Buy rated and has a $55 Price Target. CIT closed at $42.40 a share yesterday.