Citizens Financial Group (CFG) PT Raised to $46 at Baird

Baird analyst David A. George raised the price target on Citizens Financial Group (NYSE: CFG) to $46.00 (from $42.00) while maintaining a Outperform rating.

The analyst commented: "Core PPNR modestly above expectations, NPAs higher. CFG’s reported Q224 EPS of $0.82 (vs. $0.79 consensus). Non-core items included ~$3M of integration/efficiency-related expenses, ~$5M of FDIC special assessment charges, and ~$24M of TOP and other related one-time charges. We estimate core PPNR increased ~2% Q/Q (-19% Y/Y). Core PPNR trends were modestly above expectations due largely to slightly higher than expected fee trends and well controlled core (ex-TOP) expenses. Despite the slightly lower Q324 NII guide, we feel the long-term story is still intact and like the risk/reward with the stock trading at ~1.35x TBV."

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